Dealmaking steady, fundraising slows Download PitchBook’s Report here. PitchBook’s Q2 2022 US PE Middle Market Report is now available. All things considered, dealmaking was stout in H1. Over 1,600 transactions were finished, with $228.2 billion invested in the process. Both figures are strong relative to prior years, except 2021. At this pace, the middle market is…
BDC share price-to-book value remains above recent lows BDC share price-to-book values have bounced around recently, impacted by shifting investor sentiment. The average share price-to-book value is at 0.91x as of September 9, down from 0.95x in mid-August but is still up from a recent low of 0.80x in June. There are wide variations in…
Ups and downs in the US Some of the key talking points from our recent roundtable Amid rising interest rates and an inflationary environment, US private debt professionals are able to look on the bright side. Participants in a roundtable, forming part of our recent US Report, pointed out that rising rates translate to an…
Private debt cements place in European investor portfolios Actual allocations to private debt have moved closer to their targets in European investor portfolios since Q2 2015, reducing the gap from 3.6% of AUM to just 1.7% in 2022, with actual allocations standing at 3.3% against a target of 5.0%…. Subscribe to Read MoreAlready a member?
US$7.6bn of new issue US CLOs priced in August US CLO new issue volume was US$7.6bn in August, down from US$11.5bn in July and down from US$19.2bn priced in August last year. Although the pace of new CLO formation slowed, total volume so far in 2022 is US$92.57bn, just 18% behind issuance over the same…
More investors see opportunities in distressed debt Global inflation, rising interest rates, and slowing growth are driving investor interest for distressed debt. After opportunities anticipated during the COVID-19 pandemic failed to materialise, investor interest in distressed debt dropped to just 26% of investors selecting the strategy as presenting some of the best opportunities in 2021….
Fundraising caution, but no collapse The numbers are holding up reasonably well, but getting LPs to part with capital is becoming a tougher task in many cases. The sense of a market feeling its way through a new set of economic realities is apparent in Private Debt Investor’s fundraising figures for the first half of…
Private debt continues to outraise real estate Private debt has raised more capital than real estate so far this year, building on the past two years in which the asset class has been increasing its share of private capital fundraising. Private equity remains by far the biggest asset class, with 58% of all private capital…
Shrinking dry powder Download PitchBook’s Report here. Private equity’s pile of dry powder has eroded the past two years, according to PitchBook’s latest Private Market Fundraising Report. Globally, the industry has about $1.24 trillion of uninvested capital. That’s down about 18% from its 2020 peak, a little over $1.5 trillion. It’s not the only asset class…
Dry July: Jumbo volume deflates Private jumbo financings (>=$1B) have the advantage under current market conditions, but deals going forward are expected to trend smaller for the first time since DLD started tracking these credits in September 2019. There are several issues affecting capacity: 1) managers invested much of last year’s record capital in the…