What is a private capital fund worth? Download PitchBook’s Report here. Valuing PE management companies can be extremely difficult, but the rise of GP stakes investing is making the task more common. In recent years, many GPs have been valued predominantly on cash flows, management fees and accrued performance fees…. Login to Read More...
Private Debt Investing for the Long Haul Investors in private debt are generally satisfied with the performance of their portfolios. Eighty-nine percent of those we surveyed by Preqin in November 2019 said private debt performance had either met or exceeded their expectations over 2019… Login to Read More...
ABL draws significant LP interest Asset-backed lending is one of the credit strategies more investors are becoming attuned to. There could be another credit strategy set to pick up traction, according to PDI Perspectives 2020, our annual LP survey…. Login to Read More...
Behind improved market sentiment, US institutional loan pipeline builds The US institutional loan pipeline improved to the US$34bn area last week, its highest January level in the past two years. Market sentiment has improved sharply from a few months ago, particularly for lower-rated issuers. In the secondary market, the B2/B3 cohort of names closed last…
PE hold times keep falling Download PitchBook’s Report here. Now down to 4.9 years, the median holding time of PE assets continues to fall. That’s the first sub-5 year reading since 2011, a timeframe that saw a peak of 6.2 years back in 2014, according to PitchBook’s latest Breakdown Report. Much of the overall downfall—a good…
The Asian opportunity for managers More investors say they are looking to deploy capital into the region, and the possibilities go beyond identifying new LPs. Not surprisingly, many alternative asset investors are considering the Asia-Pacific as one of the emerging markets in which they are likely to invest over the next 12 months, according to…
Private Debt Fundraising Market More Crowded Than Ever There a currently more private debt funds in market than ever before. The start of 2020 saw a total of 436 private debt funds on the road seeking a record $192bn in combined capital commitments. This marks an increase in both the number of… Login to Read
2020 prediction – SWFs and pensions will become more sophisticated Download PitchBook’s Report here. Sovereign wealth funds and public pensions financed private equity for years before they began co-investing in deals alongside their GPs. Though the trend is well publicized, the practice is still rare overall. Pension funds co-invest in about 2% of all US deals…
Fees are still a sticking point for private equity LPs High fees have become a focus for critics of the industry, and fund managers will need to make their case to the voting public. Almost three-quarters of LPs find private equity fund fees difficult to justify to their colleagues, according to the 2020 edition of…
DL Deals Monthly Scorecard: December buyouts swamped volume, lenders closed out 51 transactions Buyouts swamped direct lending activity in December, accounting for 61% of volume, a big leap from the two previous months that saw more action in M&A Add-On business, according to DL Deals. For the quarter, the increase in buyouts pushed LBOs above…