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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 
Adding Up
Sponsored acquisition volume for platform companies has averaged less than $2 billion for past five quarters
The Pulse of Private Equity - 10/31/2016
Secondary Buyouts Still a Primary Route for PE Sellers
335 secondary buyouts have been closed through the end of September, putting the year on pace to fall short of 2014’s tally of 482 but still third-highest of the decade. Given the impact of outliers, this year’s total secondary buyout value may not impress as much as much as those of 2007 or 2015, but it is still quite considerable. In short, private equity sellers are still utilizing fellow sponsors as an exit route nearly as avidly as they were in the past two years…
Lead Left Interview - Tod Trabocco (Part 2)
This week we continue our conversation with Tod Trabocco, Managing Director at Cambridge Associates LLC. Cambridge is a leading investment…
Private Debt Intelligence - 10/31/2016
Europe-Focused Private Debt Fundraising
The Europe-focused private debt industry has enjoyed substantial fundraising success in recent years and many countries within the region have seen heightened alternative lending activity in the last decade. However, a notable decline in direct lending in 2016 YTD has contributed to a wider slowdown in fundraising activity focused on Europe throughout the year…
Loan Stats at a Glance - 10/31/2016
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Markit Recap – 10/24/2016
Credit investors, whether in cash or synthetics, often welcome corporate restructurings by distressed firms. Job cuts, rationalisation of operations and, in particular, asset sales are usually regarded as bondholder friendly actions.
But this ‘wasnt the reaction when Banca Monte dei Paschi di Siena (MPS) announced plans to restructure its ailing business. The Italian bank said that it would reduce jobs by 2,500 – cutting 10% of its staff costs – and close 500 of its 2,000 branches over the next three years. MPS also declared that it would sell its payments processing unit for €520 million…
Pricing soars on oil and gas borrowing base revolvers
Pricing soars on oil and gas borrowing base revolvers
After collapsing to a 10-year low of less than $30 in January, oil prices are now in the $50 per barrel range. While prices might have stabilized, the industry continues to suffer severe consequences. Defaults have escalated and recovery rates are down significantly from their historical levels. According to Moody’s, loans that are backed by reserves for exploration and production companies have fared better than other debt types…
Covenant Trends - 10/24/2016
Industry Average (YTD): Free & Clear Incremental Tranche / EBITDA Contact: Steven Miller smiller@covenantreview.com
Fall Rising
So far in October, middle market loan activity is tracking for its fourth consecutive month-over-month improvement.
The Art of the Add-On (First of a Series)
“It’s been a relatively slow year for us,” one managing partner related to us recently. His middle market private equity…
Lead Left Interview - Tod Trabocco
This week we chat with Tod Trabocco, Managing Director at Cambridge Associates LLC. Cambridge is a leading investment advisor to…
The Pulse of Private Equity - 10/24/2016
PE Fundraisers Going Bigger in 2016 Portends Emerging Spread in Success?
At $225 million, the median US private equity fund size is higher thus far in 2016 than in the several years prior. This is despite relatively healthy fundraising activity in general, with 57 closed vehicles in the third quarter alone; one may suppose that diminished activity could artificially inflate median fund sizes, as the most successful firms are still able to close while others miss out, but that is not the case this year. The increase in size is attributable to a confluence of factors…
Private Debt Intelligence - 10/24/2016
Private Debt Fund Performance by Strategy
Preqin research finds that the performance of the most prominent private debt strategies – direct lending, distressed debt and mezzanine funds – has been robust, although there is clear fluctuation between vehicles of different vintage periods.
Among 2008-2009 vintage private debt funds, it is distressed debt funds that have the highest median net IRR of any strategy, with returns of 14.8%. These funds were making their first investments during…
The Art of the Add-On (Second of a Series)
Last week we began our series on acquisitions by platform companies of private equity sponsors (“add-ons”) by examining the various…