Loan fund AUM continues to grow amid large inflows in January U.S. CLO AUM ended January at $747bn, up 10.3% YoY, with 17 new U.S. CLOs totaling $8.5bn pricing last month. It was the highest January volume since 2013 and included 4 deals with a total size over $600m. Despite the pandemic, CLO AUM has…
Big slide in fundraising masks a busy year Download PitchBook’s Report here. Fundraising for direct lending vehicles hit a five-year low in 2020, according to PitchBook’s latest Global Private Debt Report. The five-year angle is for dollars raised; in terms of fund closings, the 33 that wrapped up last year were the fewest since 2012, and…
Deal Activity Continued to Decline over 2020 Private debt deal activity slowed over 2020. A total of 780 deals were completed with an aggregate value of $66bn. Both figures were down compared to 2019, when $69bn were issued across 976 deals completed…. Subscribe to Read MoreAlready a member? Log in here...
Views from the investor frontline Distress, recession and mature markets are all front of mind for LPs keeping the faith in private debt. Our latest study of investors in private debt unearthed the following findings: Distressed and special sits move into focus: As can be seen from the chart above, more than a third of…
US sponsored middle market direct lending volume reached US$71bn in 2020 According to Refinitiv LPC data, the US direct lending middle market totaled US$71bn in loan volume last year, 18% lower than 2019’s US$87bn level. Despite the lower number, the direct lending market held up better than its syndicated counterpart, where non-sponsored volume dropped 27%…
-6.2% Q1 performance for private debt Download PitchBook’s Report here. Private debt performance struggled in Q1, according to PitchBook’s just released Global Private Debt Report. Globally, private debt funds recorded a 6.2% drop in IRR in the first quarter. While not surprising, it was the worst quarterly performance since the financial crisis, when reliable performance data…
Private Debt AUM Reached a New Peak The global economic slowdown in 2020 has pushed AUM across private debt to new record levels. As of June 2020, private debt AUM stands a $887bn. The market is now more than three times bigger than it was ten years ago, when managers held just $263bn in assets….
All roads lead to North America Private debt has a bias not just to fund managers based in the region but also to those investing in the funds. What was clear from our PDI 50 ranking towards the end of last year was that North America-based fund managers dominate the private debt asset class. Out…
Secondary market levels at their highest levels post-Covid Prior to the pandemic, the average bid on the Overall-Market cohort of loans was in the 97.5 context, with half of loans bid between the 98-<100 level, bids above par made up around a 35% share. By March 24, the Overall-Market average had collapsed to the 82…
Which way for PE valuations? Download PitchBook’s Report here. US PE buyout multiples went up in 2020, according to the 2020 Annual US PE Breakdown. At 14.1x, 2020 is actually the new high-water mark, increasing almost a turn and a half over 2019’s median of 12.7x. 14.1x certainly isn’t reflective of the entire market. Many of…