Distressed debt funds average largest targeted fund size Although distressed debt strategies account for only 10.1% of 592 private debt funds in market, they are targeting 19.3% of aggregate capital. Distressed debt funds have the biggest average target fund size, at $1.4bn. By contrast, venture debt funds are 7.1% of the number of funds, but…
Can Europe close the fundraising gap? Our fundraising data show North America pulling clear as the favourite investor destination. However, Europe’s relative decline may not be long-lasting. Over the last couple of weeks in this column, we have reflected on a couple of the key themes arising from our Q1 2021 fundraising data. The first…
Robust loan fund flows in April top US$4bn Loan mutual funds recorded US$1.06bn in inflows last week, its third consecutive week of US$1bn+ inflows and 15th consecutive week of positive flows, according to data from Refinitiv Lipper. April’s results follow 1Q21 volume of US$14.074bn, the highest quarterly total since 3Q13…. Subscribe to Read MoreAlready a
Investors put faith in senior debt Fundraising may be a struggle for some, but for those with senior debt strategies the outlook is somewhat brighter. In last week’s edition of PDI Picks, we brought you our global private debt fundraising figures for the first quarter of this year. If you recall, they showed a still…
Record levels of dry powder pressure PD returns A rise in inflation and ongoing asset purchases from central banks will make it harder for private debt funds to deploy dry powder in the future, raising the prospects of increased competition and lower returns…. Subscribe to Read MoreAlready a member? Log in here...
At $2.3B, Calypso’s record unitranche demonstrates larger capacity for jumbos The $2.3 billion unitranche loan supporting Thoma Bravo’s acquisition of Calypso Technology has set a new record for size, but what’s even more notable is that the credit was assembled as new issue, not incrementally, like other recent unitranches that crossed the $2 billion threshold…
A rebound in fundraising Download PitchBook’s Report here. Fundraising is rebounding, according to PitchBook’s latest US PE Breakdown Report. 97 funds closed in Q1 totaling $88.5 billion, though more than half ($45.6 billion) of that dollar amount went to three massive funds raised by Silver Lake, CD&R and New Mountain Capital. At the other end of…
Exit ramps remained open in Q1 Download PitchBook’s Report here. US PE exit activity continued its tear in Q1, according to PitchBook’s latest US PE Breakdown Report. Another $162 billion worth of exits was offloaded to start the year, not far off the record-setting fourth quarter of $176.3 billion. That adds up to $338.3 billion, more…
Mega deals feature in crowded private debt market One of the major trends of 2020 in private debt was an uptick in mega deals, which are classed as those that are part of $1bn+ transactions. Although the number and value of PD deals declined in both 2019 and 2020… Subscribe to Read MoreAlready a member?
1Q21 US sponsored loan volume third highest on record Private equity sponsors returned to the loan market in 1Q21 to clear US$196.5bn through retail syndication, the highest quarterly total since 2Q18 and the third highest on record. At US$128bn refinancings represented 65% of the 1Q21 sponsored loan calendar as issuers tapped lenders for repricings and…