Weighted average bids of US CLO portfolios continue to edge higher The value of loan assets in U.S. CLO portfolios has continued to trend higher over the last three months, clawing back some of the losses that battered markets at the end of March, according to analysis from LPC Collateral. Looking at the distribution of…
Carveouts inching up Download PitchBook’s Report here. Carveouts are up slightly as a proportion of US PE activity, according to PitchBook’s latest Breakdown Report. They made up 10% of all deal flow in Q2, which is on the high end of what we’ve seen over the last three years. Carveouts didn’t boom in numbers in Q2…
Private Debt Fundraising in Q2 The outlook for private debt is slightly more promising at the midpoint of the year. A total of $34bn was raised over Q2 from 49 private debt funds closed, which compares with 36 funds securing $22bn in the first quarter of 2020. What’s more, an increasing number of funds are…
Europe’s renaissance amid the fundraising slump Our final H1 2020 figures show the region grabbing investor attention – at least on a relative basis. It has not been the brightest of starts to a fundraising year, with just $63.1 billion raised by private debt funds globally in the first half of 2020 according to the…
2Q20 US syndicated down 46% y-o-y; 1H20 off 33% Following the shock, fear and aggressive spread of the Covid-19 virus which brought the world to a standstill in 1Q20, the pandemic and its impact on the global psyche became a mainstay in 2Q20. Across the capital markets, virtual office environments were up and running far…
Q2 was as bad as expected PitchBook’s latest US PE Breakdown is out this Friday, and newsletter subscribers will have access to it that morning. The first full quarter of COVID-impacted data is in and it isn’t pretty. Overall US PE deal flow was down 54% from the first quarter, from 1,147 transactions to only…
Private Debt Investors are Planning Commitments to Fewer But Larger Funds Diversification and uncorrelated returns are the main reasons why investors allocate to private debt, and they are continuing to plan commitments in this period of uncertainty. Based on Preqin’s fund search data, it seems though, that private debt investors are adapting their strategy as…
Dislocation, yes – but direct lending still rules the roost Apollo’s $12bn tie-up with Mubadala shows there’s plenty of life left in direct lending yet. Gaining momentum after a very slow start, our preliminary fundraising figures for the first half of this year show around $60 billion raised for private debt globally – around $25…
Fundraising sped up in Q1 Download PitchBook’s Report here. Somewhat expected, we found a quirk in Q1 fundraising data that should reverse soon. Funds that closed in the first three months of 2020 were wrapped up relatively quickly compared to 2019, according to PitchBook’s latest US Middle Market Report. As a whole, middle market funds that…
Refinitiv LPC’s Quarterly Lender Survey: One fifth of lenders have not heard any plans to return to the office When asked if plans are being announced for segmented re-opening of your office, 16% of lenders said no while 36% reported that plans had been announced to start after Labor Day. “We were given a questionnaire…