Private debt fund versus leveraged loan returns by quarter Download PitchBook’s Report here. Private credit spreads are expected to tighten further, even after new-issue spreads already declined significantly in 2024…. Subscribe to Read MoreAlready a member? Log in here...
Private debt rolling one-year horizon IRR by type Download PitchBook’s Report here. Of the major substrategies, mezzanine funds led for five consecutive quarters until Q2 2024, when the strategy fell to third…. Subscribe to Read MoreAlready a member? Log in here...
New-issue spread and yield to maturity of loans backing LBOs by quarter Download PitchBook’s Report here. Borrowers and sponsors, in turn, increasingly appreciated private credit’s certainty of execution, flexibility, willingness to offer PIK options and delayed-draw term loans, and bespoke terms that facilitated navigating downturns…. Subscribe to Read MoreAlready a member? Log in here...
Share of private debt capital raised by strategy Download PitchBook’s Report here. Direct lending led as the top fundraising substrategy within private debt, accounting for 60.7% of the capital raised in 2024…. Subscribe to Read MoreAlready a member? Log in here...
Private debt institutional, retail, and insurance AUM ($B) Download PitchBook’s Report here. Perpetual vehicles for the private wealth investor, also known as semiliquid funds, raised $122 billion in 2024…. Subscribe to Read MoreAlready a member? Log in here...
Identifying likely buyout take-private targets Download PitchBook’s Report here. Since the inception of the buyout strategy in the 1980s, buyout managers have maintained a core playbook: At a reasonable price, invest in relatively small, underperforming companies that still generate enough free cash flow (FCF) to service an increased debt burden…. Subscribe to Read MoreAlready a member?
Morningstar PitchBook Buyout Replication Index excess performance attribution (annualized) Download PitchBook’s Report here. A returns-based factor analysis using the Fama-French five-factor model plus momentum reveals that the positive alpha from security selection can be explained primarily by a higher market beta…. Subscribe to Read MoreAlready a member? Log in here...
Financial leverage for buyout deals by deal year Download PitchBook’s Report here. Greater leverage is another key distinguishing characteristic of buyout-backed companies. Over the past 10 years, the average publicly traded small-cap company has had a financial leverage ratio of total assets to market equity of around 1.4x…. Subscribe to Read MoreAlready a member? Log in
Hypothetical growth of $100 invested by index Download PitchBook’s Report here. PitchBook and Morningstar recently introduced their Buyout Replication index, which is snapshotted below in part…. Subscribe to Read MoreAlready a member? Log in here...
US PE EV/EBITDA multiples Download PitchBook’s Report here. Going forward, as deal volumes expand—especially among PE owners selling to other PE firms—a recent uptrend in EBITDA multiples may be short-lived…. Subscribe to Read MoreAlready a member? Log in here...