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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.
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August 12, 2026 
Lead Left Interview - Kevin Griffin (Part 2)
This week we continue our conversation with Kevin Griffin, CEO and Chief Investment Officer of MGG Investment Group LP. MGG…
Capital Source
So far this year fundraising for middle market firms is matching the pace we saw in 2016.
The Pulse of Private Equity - 3/27/2017
On a long enough horizon, returns for PE funds of all sizes converge
By and large, the macroeconomic environment remains the most significant factor to bear in mind when assessing long-term private equity fund performance. Given the impact of the financial crisis, it makes sense that no matter the size of the fund in question, at the longest time horizon—10 years—internal rates of return (IRRs) have by and large converged. Following the typical J-curve of fund performance, at that point in the conventional fund lifecycle most assets that end up contributing to the majority of a fund’s return have already been sold…
Private Debt Intelligence - 3/27/2017
First-Time Fund Managers
The environment for first-time private debt managers has begun to stabilise in recent years as the industry continues to mature. Fundraising has been consistently robust, performance has been strong, and investors are increasingly open to the prospect of committing to managers without a proven track record.
First-time private debt managers secured a record total in 2013 ($9.6bn), and in the years 2013-14 firms have raised over $23bn as the market continues to develop….
Loan Stats at a Glance - 3/27/2017
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Leverage on institutional middle market deals climbs on new money deals in 1Q17
Leverage on institutional middle market deals climbs on new money deals in 1Q17
Interest in middle market loans from large corporate investors tends to wax and wane based on market conditions, but currently investors are super receptive to these smaller credits given a supply demand imbalance in the leveraged loan market. As a result, leverage levels on institutional middle market deals are rising in 2017 across most deal purposes. Leveage on dividend recap deals peaked in 2013 at 5.3 times and was in decline through 2016 down to 4.3…
Covenant Trends - Average Total Leverage for M&A-Related Loans
Average Total Leverage for M&A-Related Loans
Private Debt Intelligence - 3/20/2017
Private Debt Fund Performance by Strategy
The private debt asset class has continued to satisfy institutional investors with 93% of those surveyed by Preqin at the end of 2016 stating that the performance of their private debt investments had either met or exceeded expectation. However, performance as measured by the median net IRR of funds varies notably across the three central private debt strategies: direct lending, mezzanine and distressed debt…
Private Credit vs. Public Debt (Last of a Series)
For high-yield bond investors, March has been the cruelest month. First oil prices – often linked to bond prices –…
Lead Left Interview - Kevin Griffin
This week we chat with Kevin Griffin, CEO and Chief Investment Officer of MGG Investment Group LP. MGG is a…
The Pulse of Private Equity - 3/20/2017
Recent PE vintages outpace public indices by a smaller margin
Private equity funds of vintages 2005 and prior exhibit significant outperformance of public indices, employing the Russell 3000 Index for public market equivalents calculations. Since then, however, no vintage has exceeded 8% over public indices’ performance. There are many factors behind this particular trend, not the least of which is the impact of the financial crisis, which prolonged holding periods as managers worked to proof impacted companies…
Springing a Leak
Dropping oil prices and last week’s Fed rate hike caused investors to push almost $5.7 billion out of high-yield accounts; totaling $8 billion in only three weeks.
League of Their Own
At the start of 2017 spring training, the NY Yankees had a undrafted prospect on their roster named Ruth. Not…