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PDI Picks – 3/9/2020

Is this the macro event that will drive distressed? With Covid-19 spreading to more countries around the world, the climate for businesses is changing fast. Fund managers at the pure end of the distressed market are only happy when it rains, as the song goes. But up until now, it hasn’t been raining. Given a…

DL Deals: News & Analysis  - 3/2/2020

February new issues soften; March is a guessing game February’s tally of direct lending loans softened to 57, from 73 in January, according to Direct Lending Deals. The decreased flow was mainly due to slower-than-expected M&A — all deals were baked before coronavirus fears torpedoed markets last week. Add-on M&A activity declined to 28% from…

Leveraged Loan Insight & Analysis - 3/2/2020

As deals get pulled from the market, US institutional loan pipeline sinks under US$14bn Behind a weakening primary loan market impacted by fears of the spread of coronavirus, the US institutional loan pipeline sank to US$13.7bn this week, the lowest level since the first week of the year. This week’s level is a far cry…

The Pulse of Private Equity – 3/2/2020

The ups and downs of secondaries Download PitchBook’s Report here. Last week we highlighted our new analyst note on extended holding periods. Now available, the note dives into the pros and cons of GP-led secondaries, which have steadily become more popular. The market has become the industry standard for handling successful assets that can’t be held…

Private Debt Intelligence - 3/2/2020

First-Time Private Debt Funds Struggle to Raise First-time fund managers have struggled to raise capital in what has been difficult year for overall private debt fundraising. Managers closing their first private debt fund raised $9.7bn in total in 2019. The 38 first-time funds closed secured 9% of the total amount raised in the year…. Login

PDI Picks – 3/2/2020

Are there tastier options than vanilla? Senior debt is still fundamental to many investors’ private debt portfolios. But, as competition increases, LPs are increasingly hunting for less populated spaces. While there is little evidence of investors falling out of love with the senior secured private debt market, competition for mid-market direct lending opportunities is such…

Leveraged Loan Insight & Analysis - 2/24/2020

Oil and gas is the top defaulted sector in U.S. CLOs as of January At the end of January 2020, oil & gas, aerospace and defense, and mining were the top defaulted sectors in active US CLOs on a volume basis. Oil and gas had US$1.06bn of loan debt in 642 CLOs, of which US$602m…

The Pulse of Private Equity – 2/24/2020

Holding on to winners Last month we wrote about the decline in PE holding times, with the median dropping below five years for the first time in almost a decade. These figures represent portfolio companies and not fund durations (longer-dated funds are relatively new and don’t move the needle yet). PEGs are simply turning companies…

Private Debt Intelligence - 2/24/2020

Outlook for Private Debt in 2020 Private debt investors are generally satisfied with the performance of their portfolios. Eighty-nine percent of those Preqin surveyed in November 2019 said that private debt performance had either met or exceeded their expectations, the highest figure among all alternative asset classes…. Login to Read More...

PDI Picks – 2/24/2020

Distress is back in fashion Amid a subdued year for private debt fundraising in 2019, distressed debt proved to be a magnet for investors. Last year saw the lowest level of private debt fundraising since 2014, indicating that the asset class may be losing some of its sheen – or that investors are taking a…