Co-investment comes to the fore More than 40 percent of investors are now looking at co-investments in private credit – representing a big increase in appetite. After many years of discussion, LPs are finally starting to benefit from co-investment opportunities in private credit. According to Private Debt Investor’s LP Perspectives 2024 study, more than four…
Fundraising concentration remains stable amid 2023’s challenging market conditions Despite a difficult 2023, fundraising concentration in private capital markets has remained level for funds and managers in the four years since 2019. Using a Gini co-efficient to demonstrate the distribution of capital across funds shows that fundraising concentration is increasing long-term…. Login to Read More...
US repricing volume totals US$73bn so far this quarter So far this quarter, US repricing volume totals US$76bn, the most since 1Q21, as dozens of issuers have returned to market to cut the spread on their institutional loans. There has been 59 completed repriced tranches this quarter, also the highest since 1Q21…. Login to Read
Fitch’s Private Middle Market Portfolio, Rating Activity Defaults in Fitch’s PMM portfolio persisted at a low level in 4Q23 with two issuers defaulting, bringing the year’s total to 15 defaults across 10 issuers on a portfolio of around 275 companies…. Login to Read More...
Private markets get the nod over the long term Investors are confident in the future of private markets, but fund managers have shown combining public and private market investment through flexible mandates can work well. Our recently published LP Perspectives 2024 study asked investors to compare prospects for public and private markets over the short,…
Daily Analytic: Share of portfolios marked below 80% varies widely across BDCs *Based on universe of BDCs that have reported 4Q23 earnings as of 2/13/24 Looking at the universe of 24 BDCs that have published their 4Q23 results as of February 20, we see that credit quality statistics have been relatively stable, with notable differences…
Fitch’s Private Middle Market Portfolio, Rating Activity Upgrades/downgrades in Fitch’s PMM portfolio are generally skewed toward downgrades, as issuer ratings can be constrained on the upside based on limited scale. Downgrades outpaced upgrades in 2023 as pressure from higher interest rates affected the FCF and financial flexibility of issuers in lower rating categories…. Login to
Investors bullish on returns Private debt’s recent outperformance of private equity has bolstered faith in its ability to beat performance benchmarks. Another boost was given to believers in a private debt ‘golden age’ last week, with a report from Bloomberg suggesting private debt fund returns beat those for private equity for two quarters in a…
BDC portfolio marks edge higher in most recent quarter* *Based on universe of BDCs that have reported 4Q23 earnings as of 2/13/24 BDC earnings season is in its early stages, with the vast majority of funds still yet to file. However, taking a look at the 16 BDCs that have published their 4Q23 results as…
GPs target APAC’s emerging private debt market APAC’s nascent private debt market is witnessing significant growth, with the amount of capital targeted by direct lending funds rising to $11.7bn from 45 APAC-focused vehicles at the end of 2023, up from $7.3bn by 40 funds at the start of the year, according to Preqin data…. Login