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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 
Purpose Driven
Middle market borrowers look to banks for refinancings; for buyouts and add-ons, almost twice as many seek institutional lenders.
Private Debt Intelligence - 11/21/2016
First-Time Private Debt Fundraising
First-time private debt funds are of increasing interest to investors: a recent Preqin study found that the majority of investors across the private capital landscape will now consider investing in emerging funds. However, it appears that this segment of the market has yet to fully develop, and continues to be bound to the fundraising picture at the top end of the industry.
Over the past decade, first-time fundraising has often run counter to the overall private debt fundraising environment. For instance, in the period 2010-2012, when overall fundraising saw annual increases…
The Pulse of Private Equity - 11/21/2016
Size Doesn’t Matter in PE Fund Performance Over the Long Term
Despite the dueling claims that smaller PE fund managers lack sophistication or sufficient scale, or that larger fund managers lack the nimbleness and operational focus and expertise necessary to improve portfolio companies, returns across different sizes of funds are relatively uniform in the long term. 10-year horizon IRRs (which use changes in NAV in addition to industry-wide net contributions over time as the cash flow inputs in an IRR calculation) for PE funds of any size bucket are between 10% and 11%…
Loan Stats at a Glance - 11/21/2016
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Markit Recap – 11/14/2016
We noted last month that realised volatility in the European investment grade CDS market, as measured by the Markit VolX index, was at its lowest for two years. By the end of October, volatility had dipped to 18%, which was the lowest level since the heady days of June 2007. A number of future events were mooted that had the potential to trigger market uncertainty, including next month’s Italian referendum.
But a victory for Donald Trump in the US presidential election was viewed by most as a highly unlikely occurrence. Spreads rallied in the run up to the vote, with the Markit CDX.NA.IG tightening from…
Leveraged Loan Insight & Analysis -11/14/2016
European CLO Issuance
Issuance of European CLOs has reached a post-crisis high as jumbo investments in senior tranches have anchored issuance. European CLOs have seen year-to-date issuance of €14.7 billion across 36 deals, compared with the previous post-crisis high of €14.3 billion in 2014, when 34 deals were completed…
Middle Market Deal Terms at a Glance - Nov 2016
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com
The Pulse of Private Equity - 11/14/2016
Add-ons retain commanding share of US buyout activity
At 64% of all US buyout activity through the end of September, add-ons have never before constituted such a lofty proportion of private equity investing. Part of that is a statistical quirk—as the volume of buyouts has slid while investors by and large maintained the pace of adding on, their relative proportion was bound to increase. But as has been noted time and again over the past couple years as the add-on percentage of…
The Art of the Add-On (Fourth of a Series)
Last week we began a check-list sponsors tick off when sifting through acquisition candidates for their platform companies. Many items…
Breaking Away
Middle market LBO volume was up 43% for the third quarter, far outpacing the number of add-ons, dividend recaps, and refinancings.
The Art of the Add-On (Last of a Series)
We’ve received a number of positive responses about our special series on add-ons. One partner at a NY-based private equity…