Investors fix gaze on Asia-Pacific As private debt matures, under-developed markets in Asia and Europe are expected to come into their own. In a newly published report on the state of private credit, the Alternative Credit Council foresees the growth of private credit beyond the favoured markets of the US and UK. Many of the…
A good year for carveouts Download PitchBook’s Report here. PE-led carveouts are having a good year, according to PitchBook’s Q3 US PE Breakdown. A healthy fourth quarter will bring 2022 in line with prior years, despite the sluggish market overall. Corporate America continues to struggle in this inflationary environment, creating opportunities to shed noncore assets to…
Direct lenders grab a larger share of large corporate volume As the US leveraged loan market continued to slow amidst wider market volatility in 3Q22, direct lenders stepped in, taking a greater share of large corporate leveraged loans. Private credit to US large corporate borrowers, those with revenues or loan sizes US$500m or higher, amassed…
APAC investors pile into private debt Private debt is fast emerging as an asset class for APAC investors, as evidenced by an average annual 30% growth in the number of investors in the asset class over the past five years. The largest investors in the asset class are from Australia, led by superannuation fund AustralianSuper,…
Mixed signals for private markets A couple of surveys imply contrasting views on the attractiveness or otherwise of private asset classes. Family offices are strongly favouring private markets over public markets, according to a survey from Moonfare, a digital private equity platform, and Global Partnership of Family Offices, a UK-based association…. Subscribe to Read MoreAlready
BDC share price-to-book value ticks up but remains below recent highs BDC share price-to-book values have moved around recently in tandem with shifts in the equities market and investor sentiment. The average share price-to-book value is at 0.86x as of November 4, up from 0.76x in late September but down from 0.95x in mid-August…. Subscribe
Europe resilient, for now Download PitchBook’s Report here. PE trends in Europe are bucking trends in the United States—so far, anyway. PitchBook’s Q3 2022 European PE Breakdown recorded a 16.9% YoY increase in deal counts. Deal value was flat YoY. Both are in contrast to the US market, where 2022 numbers face the tough task of…
APAC-focused mezzanine fundraising doubles in 2022 Private debt fundraising with a focus on APAC was buoyant between 2019 and 2021, when annual aggregate capital raised stood between $9.4bn and $12.4bn. Over $8bn has already been raised so far in 2022 , of which a record $4.1bn for mezzanine funds, almost double that of 2021…. Subscribe
YTD volume up 77%; October falls just 15.3% YoY U.S. direct lending is thriving in 2022, with year-to-date volume up 77%, according to KBRA DLD. Volume recorded through October totaled $122 billion, up from $69 billion through the same period last year. By contrast, U.S. leveraged loan and high yield volumes have tanked under steep…
Priorities for the future PDI’s recent Future of Private Debt report highlighted a number of key issues raised by sources in the market. Here’s a selection of them. LPs want more flexibility in terms of fund structures: Fund managers report that investor appetite for more flexible open-ended fund structures in private debt is gathering pace….