Will middle-market fund performance remain more resilient? Download PitchBook’s Report here. Private market funds are due for a downturn, but there may be nuances. Shielded thus far from public markets’ volatility by sheer dint of their at-minimum quarterly markings, private pools of capital are likely going to begin seeing markdowns in performance let alone portfolio value…
BDC portfolio marks expected to move moderately lower BDCs navigated the most recent 3Q22 earnings season successfully, benefiting from the higher interest rate environment as rising base rates on their floating rate loans boosted interest income. At the same time, BDC net asset values declined modestly due to unrealized losses stemming from lower portfolio marks,…
Information technology dominates PD in North America As we near the end of 2022, the dominance of the information technology sector in private debt in North America is showing. 71 deals have been completed in the sector in 2022 YTD, which puts it behind several other sectors such as consumer discretionary and healthcare…. Subscribe to
The shifting ESG agenda Our A-Z of ESG report asks what constitutes an effective policy for private debt managers in today’s world. When we surveyed fund leaders earlier in 2022, there was overwhelming agreement that a stronger environmental, social and governance vision and culture creates value for a business. The ESG agenda has, as one…
Returns on US leveraged loans and HY bonds positive for second consecutive month Returns for US leveraged loans and high-yield bonds were positive for a second consecutive month in November, with loan returns higher MoM to 1.24% and high-yield bonds returning 1.87%. Year-to-date returns stand at -9.85% for high-yield bonds, with loans outperforming at -0.9%….
Big names jumping into private debt Download PitchBook’s Report here. Globally, private debt fundraising is poised for a down year, according to PitchBook’s Global Private Market Fundraising Report. Through September, 105 private debt funds have closed, amassing $130 billion altogether. 105 is a strikingly low number, considering at least 300 private debt funds have closed every…
US private debt deal activity slumps in 2022 The number and value of private debt deals in the US has fallen sharply this year. The number dropped from 149 in Q1 to 51 by Q4 YTD, with most of the drop in H2 2022. Aggregate deal value for US private debt deals witnessed an 81%…
The funds keep flowing There may be challenges around the corner, but the PDO 100 ranking of top capital raisers shows LPs have lost none of their appetite for private debt so far. There are those who predict tougher times in 2023 for those private debt managers on the fundraising trail. But our latest version…
BDC recommendations shift towards “hold” since March BDC research analyst recommendations have been marked by a shift in recent months towards “hold” recommendations, a move away from the “strong buy” and “buy” recommendations observed since the first quarter of this year. Despite this shift, “strong buy” and “buy” still account for over half of all…
Venture debt fundraising gains momentum Venture capital fundraising fell after the public equities sell off in Q1 2022, which saw aggregate capital raised plummet from $72.5 in Q1 2022 to $11.1bn by Q3. However, more established early-stage companies may be able to access capital from the growing venture debt market…. Subscribe to Read MoreAlready a