Carveouts – up but not booming Download PitchBook’s Report here. One of the earliest predictions back in March was that PE-led carveout activity would go up. PEGs had dry powder to spend and corporate sellers had liquidity concerns—they were also going to need to concentrate on their core businesses, so it made intuitive sense than ancillary…
Direct Lending and mezzanine strategies gathered most of the capital in Q3 2020 In Q3 2020, private debt fund managers were able to secure $8.4bn by 20 funds closed. What fund types stood out? Direct lending and mezzanine strategies secured the bulk of capital, raising $3.8bn and $2.6bn respectively…. Subscribe to Read MoreAlready a member?
What to make of direct lenders’ prospects? Direct lending has enjoyed years of tailwinds – now it must confront the headwinds. Direct lending has experienced enormous growth since the global financial crisis (see chart showing fundraising for various direct lending-relevant strategies), filling a gap that retrenching banks left behind…. Subscribe to Read MoreAlready a member?
1-3Q20 Leveraged volume up 6% y-o-y; Asset mix skews toward HY bond issuance US Leveraged borrowers pushed nearly US$839bn of issuance through the market during the first nine months of 2020, a 6% increase over the same time last year. Although the totals did not shift dramatically year over, the mix of loans and bonds…
Small bounce back in Q3 PitchBook’s latest US PE Breakdown Report will be in tomorrow morning’s newsletter (sign up here for a free subscription and a copy of the report). Q3 numbers show moderate rebounds in both estimated count and value, clearing a very low bar set in Q2. Estimated deal volume was about 48%…
Third quarter finishes on high note; Lower middle market LBOs rally in Sept The second quarter’s heavy caution all but disappeared by last month in a swift reversal of deal flow. Uncertainty is onmnipresent, but investors have capital to deploy, financing has stabilized and after idling for six months, it’s risk on toward year end….
Private Debt Fundraising Sinks in Q3 2020 So far in 2020, $68.9bn have been secured by 123 private debt funds closed. Compared to the same period over the last five years, these mark the second lowest fundraising figures. As we have seen in previous years, private debt fundraising figures in Q1 and Q3 are always…
Do the documents offer lenders hope? Borrowers have held the balance of power for some time when it comes to deal negotiations. There are signs that their grip is being loosened, if only a little. In the wake of the covid-19 crisis, it’s hard to view the positives but you should always try…. Subscribe to
Big firms hardly ever fail Download PitchBook’s Report here. PitchBook’s latest analyst note, “Risks and Returns in GP Stakes Investing,” takes a granular look at the burgeoning market for GP stakes. While there are many reasons to invest in smaller PE funds as a limited partner, the research shows that buying stakes in the GPs themselves…
3Q20 US loan volume lowest since 1Q10; 1-3Q20 down 29% y-o-y Against the backdrop of a second quarter that saw GDP down 30% and a relatively orderly calendar of refinancings and repayment of loan drawdowns, 3Q20 marked a surprising bounce in in the market with GDP up an expected 20-25%, a surge in the equity…