Growth at Perpetual BDCs Drives an Increase in Competition Click here to learn more. U.S. perpetual non-traded business development companies (BDCs) have grown rapidly since the launch of Blackstone Private Credit Fund in January 2021…. Subscribe to Read MoreAlready a member? Log in here...
Institutional loan repricings decline alongside secondary loans in 1Q25 The secondary loan market had a deceivingly challenged quarter. Par-plus loans accounted for more than 53% of the market at the start of the year, peaked above 56% in mid-January, then ended 1Q25 at a three-month low of 12%…. Subscribe to Read MoreAlready a member? Log
Fundraising bounces back The early signs in 2025 are positive as capital raisers enjoyed a prolific three months and distressed strategies increased market share. The first quarter of the year was the strongest Q1 on record for private credit fundraising with a huge $74.1 billion raised according to PDI data…. Subscribe to Read MoreAlready a
Share of private debt capital raised by strategy Download PitchBook’s Report here. Direct lending led as the top fundraising substrategy within private debt, accounting for 60.7% of the capital raised in 2024…. Subscribe to Read MoreAlready a member? Log in here...
New money financing remains muted as M&A off to slow start in 2025 At just $35.9b or 11% of volume in Q1 2025, new money financing remains sluggish amid record levels of issuance. At $339.2b, first quarter issuance was among the busiest since Bloomberg began tracking the data in 2013, however that did not translate…
Tight Spreads, Rising Non-Accruals to Further Weaken BDC Earnings Click here to learn more. Continued spread pressure and additional non-accruals will likely weaken earnings and dividend coverage for business development companies (BDCs)…. Subscribe to Read MoreAlready a member? Log in here...
Stresses and strains may trigger a distress revival Distressed debt has adapted to more benign market conditions but may revert to a ‘pure’ form as pressure on borrowers grows. Distressed debt isn’t what it used to be. In the wake of the global financial crisis, there was a once-in-a-lifetime chance to invest in rebuilding a…
Evolution of leveraged loans by vintage shows notable reductions in near-term maturity walls Leveraged loan issuers have continued to proactively manage their capital structures via refinancings and extensions, driving significant reductions in near-term maturity walls over the past 15 months…. Subscribe to Read MoreAlready a member? Log in here...
After Record January US Leveraged Loan Issuance Tapers Off in Q1 Following a record January that saw more US institutional leveraged loans price than any year since Bloomberg began tracking the data in 2013, at $185.96b, issuance slowed to $95.03b in February and has continued to decline to just $45.27b through March 26th…. Subscribe to
Private debt institutional, retail, and insurance AUM ($B) Download PitchBook’s Report here. Perpetual vehicles for the private wealth investor, also known as semiliquid funds, raised $122 billion in 2024…. Subscribe to Read MoreAlready a member? Log in here...