Content hub
Explore private capital market trends, in-depth research from leading industry partners, expert interviews, live webinars, and educational videos — all in one place.
Featured Article
Business of Private Credit: Coming Home
Much attention has been paid to the suitability of Matt Damon in the lead role as the wily Odysseus in this summer’s Christopher Nolan blockbuster.
|
August 12, 2026 
The Pulse of Private Equity - 4/10/2017
Is the PE industry on pace for lower net cash flows?
Since 2012, net cash flows of private equity funds worldwide have been positive, with the last three full years handily exceeding $130 billion apiece. With fund returns through the middle of 2016, however, net cash flows currently stand at $27.0 billion, putting the back half of 2016 under considerable stress to even leave the year at more than $100 billion. This diminishing metric is attributable to a variety of factors, including the slow winding down of the buyout cycle in addition to a sluggish exit market…
Loan Stats at a Glance - 4/10/2017
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Middle Market Deal Terms at a Glance - Apr 2017
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com
Markit Recap – 4/3/2017
Many names have a certain kind of notoriety in the CDS market. TXU, Hellenic Republic and more recently iHeart – all posed significant challenges to the efficacy of the CDS product.
Another prime example is Novo Banco. The Portuguese name was created as a “good bank” in the restructuring of Banco Espirito Santo in August 2014. This was immediately prior to the introduction of the ISDA 2014 definitions in September of that year. The good bank/bad bank split highlighted some of the flaws in the 2003 definitions: namely senior debt restructurings triggering subordinated CDS and ambiguity around state bail-out of financials…
Growing Gap
While middle market yields are range-bound, large cap spreads have been dropping fast.
1Q17 M&A volume down 32% year over year as market waits on policy guidance out of Washington
1Q17 M&A volume down 32% year over year as market waits on policy guidance out of Washington
M&A loan issuance declined dramatically year over year to log less than US$70Bn in 1Q17, down 32% compared to the year ago results (US$102Bn). This represented the lowest quarterly results since 1Q13. Although some of the market shortfall on a percentage basis should be qualified in that jumbo financings for Avago Technology and Kraton Polymers which were completed in 1Q16 were in fact structured in 2015, the market took a very real pause in 1Q17 as issuers waited on the new administration in Washington…
Lead Left Interview - Stephen Boyko
This week we chat with Stephen Boyko of Proskauer. Steve is a partner in the firm’s corporate department and co-head…
The Pulse of Private Equity - 4/3/2017
Plenty of value yet to be realized in older PE vintages
In the world of private equity, the long-persisting effects of the financial crisis are still evident, particularly when regarding fund returns from certain, most affected vintages. Funds from vintages between 2007 and 2009 inclusive still possess plenty of value yet to be realized, having taken relatively longer to build up total value to paid-in capital multiples given the effects of the crisis. In fact, the sizable disparity between what has been able to be realized thus far between funds of the 2009 vintage…
Private Debt Intelligence - 4/3/2017
Placement Agents and Private Debt
Placement agents servicing the private debt industry have been expanding their services to keep up with the development of the asset class. In addition to their traditional role of connecting fund managers with suitable investors, placement agents increasingly offer ongoing investor relations assistance, and services to help fund managers comply with regulatory standards…
Covenant Trends - Average Percentage Adjustments for EBITDA Reconciliation
Average Percentage Adjustments for EBITDA Reconciliation
Loan Stats at a Glance - 4/3/2017
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
LBO purchase price multiples averaged 9.6 times in 1Q17
LBO purchase price multiples averaged 9.6 times in 1Q17
After averaging over 10 times for the past three years, the average purchase price multiple on LBO deals dropped to 9.6 times in 1Q17. A high concentration of smaller deals and a more diverse industry composition of LBOs in 1Q17 is a driver of multiples coming down so far this year. But lenders should not get accustomed to this trend. Lenders and sponsors confirm that lofty valuations continue to remain a major roadblock holding back a robust buyout environment this year…
Covenant Trends - Average Total Leverage Through F&C for M&A-Related Loans
Average Total Leverage Through F&C for M&A-Related Loans
Elements of Corporate Risk (First of a Series)
Institutional investors are combing through the private credit market searching both for higher returns and experienced managers to deliver those…