Fewer managers collecting more of the capital Private credit vehicles seeking capital fell from the record level reached in the first half of 2017. The number of private debt funds raising money has fallen slightly from a record number at the middle of last year but it remains strong; as of 31 March, there were…
Has contagion returned to the eurozone? Bismarck said politics was the art of the possible. Holders of sovereign bonds issued by eurozone peripherals will be hoping this aphorism applies to Italy’s incoming government. A populist coalition formed of the anti-establishment Five Star Movement and the right-wing League, which looks set to form a government, seemed…
Women Account for Less than a Fifth of Private Debt Employees The lack of female representation in alternative assets has come under increasing scrutiny in recent years, as women account for less than a fifth of employees in firms across all alternative asset classes. When looking at the representation of women in different levels seniority,…
BDC share prices rebound, returns turn positive YTD After showing a declining trend over the last year, BDC share prices are back on the mend this earnings season. The average share price to net asset value per share saw a sharp uptick last week to 0.902 times, up from 0.86-0.87 times in April. As a…
Moving up in the real estate world The total raised for senior debt so far in 2018 signifies a jump from previous years. The growth in real estate debt is just one of the many story lines in the expansion of private credit, and senior debt in that sub-strategy seems to be having its moment…
Carving out opportunities Download PitchBook’s 1Q 2018 M&A Report click here. Somewhat quietly, PE-led carveout acquisitions have boomed in recent years. This is a natural and sometimes overlooked consequence of M&A booms, especially today’s. Corporate buying sprees have their own logic to them, and when public companies announce plans to buy or sell certain non-core…
Sovereign Wealth Funds Invest in Private Debt Many institutional investors regard private debt as an asset class that presents attractive opportunities amid low interest rates and stringent regulatory requirements imposed on banks post-Global Financial Crisis. Sovereign wealth funds also have gravitated to the asset class, and 38% of this group of investors are known to…
Fed Survey: Nearly one fifth of banks report weaker loan demand The majority of banks reported lending standards remained unchanged in today’s release of the Federal Reserve Senior Loan Officer Opinion Survey. 13% reported easing and only one bank reported tightening on terms to large firms…. Subscribe to Read MoreAlready a member? Log in here...
Buy-and-grow Download PitchBook’s 1Q 2018 US PE Middle Market Report click here. As technology continues to upend market after market, private equity has shifted its focus from the bottom line to the top line. The onus to create value, in other words, relies more on revenue growth today than it has in the past…. Subscribe
The decline of global distress? Investors are flocking to North America, particularly for distressed debt; the geography made up an outsized portion of the total capital raised for the strategy in the first quarter. The fundraising pendulum may be swinging back to North America, as we wrote several weeks ago, and that shift is particularly…