Direct lending most popular PD strategy of 2021 Private debt funds reached an average 120% of their target size at final close last year, with a total of $195.1bn raised. Of this, 58% was raised for direct lending strategies, amounting to $112.5bn over 94 funds. The next largest strategy within the asset class was distressed…
Venture debt sets new records It’s a form of financing that’s taken a while to gain traction, especially outside of the US. But there are clear signs this is changing. Venture debt, long the province of the US and once viewed as a mere backstop along the way to growth for startups, is lately being…
Record US$1.8tr of US leveraged issuance clears market in 2021 In the absence of major market blips or deepening concerns around deteriorating credit quality, US leveraged lenders supported nearly US$1.8tr in loan and bond issuance in 2021, the highest total on record. The unabated presence of Covid-19 certainly impacted lender operations in so far as…
Predicting the year ahead Download PitchBook’s Report here. Every year, PitchBook gets into the prediction game. This year’s US Private Equity Outlook has 7 predictions, including an intriguing one for middle market software investment. 2021 set records for PE software activity – 317 deals totaling $45 billion in aggregate value. For 2022, we’re predicting 400 software…
Ways through the ESG maze Europe has seen an explosion of loans encouraging better borrower behaviour in relation to ESG issues. We look at some of the key developments so far. In the February 2022 issue of Private Debt Investor, we will be focusing on the rapid growth of ESG-linked loans in the European private…
Private debt fundraising in 2021 Investor demand for private debt is strong, with funds exceeding targets by record margins in 2021. The average percentage of target size at final close last year reached 120%, a sharp contrast to 2020 when the average final close was 98% of target size. Even compared to pre-pandemic fundraising… Subscribe
The top-heavy fundraising market Download PitchBook’s Report here. Last week we highlighted PitchBook’s new Quantitative Perspectives report, US PE: Recovery and Beyond, which features a number of vivid findings that are worth checking out. The chart above highlights how much oxygen is taken up by the biggest PE funds in the United States. In 2021, for…
Middle market syndicated M&A volume reaches US$49.2bn year-to-date Middle market syndicated loan M&A volume has reached US$49.2bn year-to-date, surpassing the US$46.1bn and US$44.4bn posted in 2018 and 2019, respectively. The last three quarters have been particularly busy on the back of buoyant M&A activity, with loan volume climbing to US$14.5bn in the current quarter, far outpacing…
US Remains Most Attractive for Private Debt, But Other Markets Are Catching Up Every year, Preqin asks investors which developed markets they think are presenting the best opportunities in private debt. The US is the top market, although the 65% of investors who identified it is down from 77%. However, a number of other regions…
Europe’s unstoppable deal market Despite the pandemic, it’s been a case of full steam ahead for transactions in the region. European private debt deal numbers breached the 200 milestone during a single quarter for the first time in Q3 according to the latest figures from the Deloitte Alternative Lender Deal Tracker. On the face of…