Is this the new normal for buyout firms? View PitchBook’s 2017 Global PE Deal Multiples Report: Part II Here Multiple datasets can help convey certain aspects of why the current private equity environment may represent a new normal in terms of dealmaking, yet one of the more telling is one that depicts the type of the…
Private Debt Fundraising Pool Widens The closed-end private debt fundraising market is broadening, as more fund managers continue to form and bring funds to market. Consequently, the largest private debt firms are accounting for a smaller proportion of total fundraising activity,… Subscribe to Read MoreAlready a member? Log in here...
Sovereign Wealth Funds Look to Private Debt Sovereign wealth fund investors are increasingly looking to make private debt investments an element of their portfolios. The latest research from Preqin finds that the proportion of sovereign wealth funds currently investing in the asset class has increased… Subscribe to Read MoreAlready a member? Log in here...
Banco Popular Senior and Sub move in opposite directions The CoCo market received all the plaudits following Banco Popular’s enforced “rescue” by Santander yesterday. But another, more established financial instrument will also be tested by the Spanish bank’s resolution. A question was put to the ISDA Determinations Committee yesterday, asking if a restructuring/governmental intervention has…
U.S. new issue CLO volume outpaces refinancings for first time in 2017 May marked the first month this year where U.S. new issue CLO volume outpaced refinancing volume. CLO new issue amounted to $9.8 billion in May, slightly down from the $10.2 billion posted in April, taking 2017 issuance to $37.5 billion…. Subscribe to Read
The maturation of the buyout industry View PitchBook’s 2017 Global PE & VC Fund Benchmarking Report: Part II Here To conclude our analysis of select topics grounded in fund performance data, we must discuss a topic that has become increasingly prevalent as of late: the maturation of the buyout industry and what that entails for…
Italian banks give up gains We posited after the French election that Italy was now the most likely country to trigger a material bout of political risk. Italy, of course, is no stranger to instability, having had 42 prime ministers since World War II. But it didn’t have an election scheduled for this year, with…
Primary leveraged yields tighten in May After widening in April, average yields have tightened in May, but are still above their March level. The average yield, assuming a three year term to repayment on first-lien institutional loans is 4.87% in May, down from 5.03% in April but still 20bp above the… Subscribe to Read MoreAlready
PE’s historical performance still allures in a market plagued by uncertainty View PitchBook’s 2017 Global PE & VC Fund Benchmarking Report: Part II Here Comparing the returns of different strategies is difficult enough, given the typical disparities in approach. Assessing private equity’s performance relative to that of public markets is even more challenging,… Subscribe to
The UK vs Europe: Private Debt Fundraising Europe-focused fundraising has typically been driven by vehicles based in the UK: since the start of 2010, UK-based funds have raised a cumulative €50bn in investor commitments,… Subscribe to Read MoreAlready a member? Log in here...