Familiarity a plus Download PitchBook’s Report here. PitchBook’s Q3 2022 US PE Breakdown, available for free, crystallizes a trend we’ve been hearing about in recent months. Even by historical standards, fundraising is lopsided in favor of existing GP managers. So far this year, almost half (48%) of fundraising dollars have gone to established firms—in this case,…
Direct lending funds in Europe enjoy post-pandemic boom The number of direct lending funds has hit a new record. Europe-based managers have launched 80 funds so far in 2022, almost double the full-year figure for 2021, when 42 funds were raised. Whilst fund managers have been successful across a range of direct lending strategies, the…
Caution and sense of opportunity among Europe’s LPs At our recent PDI Europe Summit, investors were considered hesitant to commit new capital but recognised good deals are there to be done. Fundraising has been something of a struggle for Europe’s GPs, as indicated by the chart above. However, there was a sense at a recent…
KBRA DLD records $39B for 3Q22 volume, tops BSL & HY combined Direct lending volume topped output for liquid credit in the third quarter for the first time since KBRA DLD started tracking this data in January 2021. New issuance for US sponsored direct lending finished at $39 billion, nudging ahead of the $38 billion…
Syndicated middle market loan volume falls 37% q-o-q in 3Q22 3Q22 syndicated middle market loan issuance tumbled by 37% quarter over quarter amid increased economic uncertainty and market volatility. Lending activity fell to US$35bn in 3Q22 from US$55bn in 2Q22 and was also far below the US$50bn posted in 3Q21. On a year-to-date basis, issuance…
Q3 numbers: interest rates starting to bite Download PitchBook’s Report here. PitchBook has just released the Q3 2022 US PE Breakdown, available for free here. Both deal volume and total value are now in silver medal territory, eclipsing annual numbers seen in pre-COVID years. Deal momentum has been strong enough to carry 2022 to historically impressive…
Mezzanine fundraising in North America hits 12 month high Mezzanine fundraising activity in North America reaches a 12-month peak with $19bn raised in Q3 2022. Mezzanine finance is junior debt, often with warrants attached that allow investors to share in the upside. Since Q1 2021, aggregate capital raised for mezzanine funds in North America has…
Europe’s private markets step into the gap Dealflow was strong in the first half as the refinancing trend gathered pace. Despite unprecedented macroeconomic uncertainty, private credit funds in Europe enjoyed the busiest Q2 on record this year as they executed 216 deals, compared with 154 in the same period of 2021…. Subscribe to Read MoreAlready
3Q22 U.S. Leveraged volume down 45%; HY bonds off 77% y-o-y Less than US$182bn of leveraged loans and HY bond issuance was completed in 3Q22, the weakest quarterly results in over six years and a55% drop compared to the same time last year. At US$759bn, 1-3Q22 totals were down almost 45% compared to the year…
$50B in new capital Download PitchBook’s Report here. PitchBook’s Quantitative Research team has released a new Quantitative Perspectives Report, which is available for free. One of the most interesting findings is charted above. In 2021, a common refrain was that LPs were piling into PE funds, as long as they were staying within range of their…