The climate change debate heats up Private debt managers have not been at the forefront of ESG in the past but times are changing. When we canvassed the opinions of limited partners about how seriously private debt fund managers take climate change, the responses were not exactly a ringing endorsement. Just 4 percent told our…
Institutional loan refinancings jump in January to $39bn Refinancing deals dominated the institutional loan market in January, with US$39bn in volume for a 71% share of overall institutional loan activity, up from US$11.6bn in December and the highest monthly volume since pre-Covid February 2020…. Subscribe to Read MoreAlready a member? Log in here...
A good year for the Big Five Download PitchBook’s Report here. The Big Five public PE firms—Blackstone, KKR, Apollo, Ares and Carlyle—had a good 2020 across several metrics, according to PitchBook’s latest analyst note. All five firms posted YoY fee-related earnings (FRE) growth, with Blackstone notching the highest gain. In terms of annual financials, four of…
Investors are Satisfied with Private Debt Despite a hard 2020, investors were largely satisfied with the performance of their private debt portfolios over the past 12 months. Of investors surveyed by Preqin, 83% said their private debt portfolio’s performance had exceeded or met their expectations…. Subscribe to Read MoreAlready a member? Log in here...
Asia Pacific wakes up to private debt From having tentatively dipped their toes into private debt’s waters, investors based in Asia Pacific have been bravely wading in over the last few years. Limited partners based in Korea in particular have found private debt much to their liking, especially funds that are positioned more towards the…
BDC Visible Loans Benchmark now bid above pre-Covid levels The BDC Visible Loans Benchmark has continued to climb higher, reaching the 93.65 level on Friday. The BDC secondary cohort comprises BDC holdings with active mark-to-market pricing by Refinitiv’s pricing service. Friday’s level was higher than the pre-Covid mark of 92.66 in January 2020…. Subscribe to
January volume soars on LBOs; Unitranche to feel broader pricing pressures January’s direct lending tally set a new high, up from the previous record in December. Momentum from the fourth quarter’s catch up rally continued to spill into the New Year, however deal flow has since decelerated to normal this month…. Subscribe to Read MoreAlready
Private debt is becoming top-heavy Download PitchBook’s Report here. Private debt funds have grown much larger over the past two years, according to PitchBook’s latest Global Private Debt Report. Larger funds naturally dominate the charts – by dollars raised, $1B+ funds accounted for almost 80% of all debt fundraising in 2020…. Subscribe to Read MoreAlready a
Record Number of Active Fund Managers in Private Debt The firms’ market is increasingly crowded with a record 1,947 private debt firms currently active. In 2020, the proportion of private debt managers active in distressed debt and special situations markets grew considerably… Subscribe to Read MoreAlready a member? Log in here...
Completing the cycle The global pandemic will give investors more visibility into how private debt performs in tough times. Private debt did not have a great time on the fundraising trail in 2020, as can be seen from our chart above. From the fundraising peak of 2017, the amount raised has declined significantly and last…