We conclude our special series, “Five Biggest Private Capital Surprises of 2020,” with: Surprise #5: The M&A Big Bang Last July we published a white paper (see “COVID-19 and M&A Activity”) showcasing conversations with leading middle market investment bankers. They reported distinctions between businesses hit by the pandemic and those depending less on the consumer…
We continue our special series with the fourth of “Five Biggest Private Capital Surprises of 2020”: Surprise #4: Which Industries Mattered? For experienced credit managers, diversity is a critical guiding principle. This applies to both industry concentration as well as commitment sizes. The question coming into last March’s downturn was, have we made the right…
We continue our special series with the third of our “Five Biggest Private Capital Surprises of 2020:” Surprise #3: Where Are the Distressed Loans? Last April as the pandemic crisis unfolded, the CEO of a $20 billion asset manager cited $1 trillion as the volume of potential distressed credit investments. COVID has presented, he said,…
We continue our special series with the second of our “Five Biggest Private Capital Surprises of 2020:” Surprise #2: Non-Correlated Trends – Infections, Markets, and the Economy The Global Biological Crisis of 2020 was different from the Global Financial Crisis of 2008 in several ways. Of course, one started with a virus, the other with…
It’s accepted wisdom in the publishing world that magazines sell better with headlines like “The 7 Fastest Ways to Lose Weight,” “The 5 Most Awesome Martinis,” and “The 10 Hottest Vacation Spots.” Ordinarily a sophisticated finance journal such The Lead Left would never stoop to that kind of promotional gimmick. But, in the immortal words…