Private Equity Now: The GP Perspective
Challenging financing conditions and macroeconomic disruptions have ushered in a period of lackluster M&A activity the last few years. Sellers are reluctant to realize investments at what are perceived to be depressed valuation multiples. Buyers meanwhile are wary of overpaying and unwilling to meet sellers at multiples of a bygone era. The resulting valuation gap has contributed to a reduction in exits for GPs and thus reduced distributions – the lifeblood of private equity.
Traditionally, GPs had five options to generate distributions: selling a minority equity position, or selling outright, executing a fund-to-fund sale, a dividend recapitalization, or an IPO. Each have drawbacks in today’s market. The dramatic evolution and increased sophistication of the secondaries markets over the last five years have ushered in a new wave of innovative liquidity options including: continuation vehicles (CV), net asset value (NAV) facilities and fund level tenders…
▶︎ Read Nov 4th, 2024 Newsletter: here
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Top 50 BDCs Accounted for 75% of Nonaccrual Loan Cost in Q2’26
The 50 largest BDCs, on the basis of total debt investments as of the second quarter of 2026, accounted for 75% of the total aggregate reported value of nonaccrual debt at cost and fair value.
US private debt AUM ($B) by channel
In 2025 and the early part of 2026, the retail channel added AUM to the asset class at a much faster rate than institutional investors in both regions, with growth rates of 43.7% globally, 41.4% in the US, and 73. 1% in Europe through the beginning of 2026 compared with year-end 2024 figures.
