PE a growing presence in M&A Download PitchBook’s Report here. PE deal flow accounted for 38% of global M&A transactions in 2021, a new high. That’s according to PitchBook’s Annual Global M&A Report, released this morning, which also showed a record year for M&A overall. Globally, 38,231 transactions were finalized last year, a 48% leap over…
Private debt funds positioned for busier year Aggregate private debt deal value declined 31% in 2021 after a record year in 2020. The differing rates of decline in the sub-strategies are an indication of managers’ risk appetites and deal availability. Senior tranche lending saw annual deal values and volumes down 28%, and in the riskier…
The fundraising fightback Following the peak of 2017, private debt capital raising had suffered something of a lean time. Last year changed all that. Last year was the year private debt fundraising came back with a bang. After capital raising hit a low of $183.9 billion in 2020 amid the initial outbreak of the covid-19…
Unitranche spreads, yields hit 2021 low in December Competition moved unitranche spreads 25 bps lower in December to an average of L+540, a monthly low in 2021, despite the stabilizing effect heavy volume in the fourth quarter had on pricing for smaller borrowers and non-unitranche LBO financing. The decline dropped all-in yields to 6.7%, also…
U.S. M&A Volume by Segment Lenders cleared over US$619bn in US syndicated M&A loan volume in 2021 to mark the second highest annual total on record, just behind the US$648.5bn raised in 2018. The calendar was steady throughout both the first and second halves of the year with 2Q21 logging the second strongest quarterly results…
162 exits of at least $1 billion Download PitchBook’s Report here. The US PE market enjoyed a wave of big exits last year, according to PitchBook’s just-released Annual Breakdown Report. 2021 was a blockbuster year for exits, fueled in large part by billion-dollar-plus sales. PitchBook counted 162 such exits, by far the most we’ve ever recorded,…
LP appetite strong, but some concerns are voiced Inflation and high valuations are among the factors making investors a little more uncomfortable than normal about private credit’s prospects. The release of our annual LP Perspectives study is a chance to probe LPs on their allocation strategies for the private debt market over the next 12…
Regulatory changes in Europe could stimulate PD industry The European Union has taken steps to gain the benefits offered by the Chapter 11- bankruptcies regime, shifting the focus from companies’ liquidation to protecting creditors’ rights and keeping the business afloat. The North American private debt market has always dwarfed the European market… Subscribe to Read
US leveraged loan returns advance to 5.2% in 2021, HY bonds gain 5.4% US leveraged loans wrapped up 2021 by posting a return of 0.78% in the fourth quarter, outpacing both high yield bonds (0.66%) and investment grade bonds (0.17%). In comparison, returns on the S&P500 accelerated to 10.7% in 4Q21, the highest all year….
A trillion-dollar year Download PitchBook’s Report here. The US PE market topped $1 trillion for the first time, according to PitchBook’s just-released Annual Breakdown Report. 2021’s $1.2 trillion performance was more than 50% higher than the previous record. Deal volume also spiked, with 8,624 transactions altogether. That’s also a new record – the US market had…