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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.
No Signs of Slowing (Except Defaults)
▶︎ Read November 13 2023 commentary: here Two economic dynamics are driving capital markets. First, GDP strength which, by many…
Fund managers will be put to the test
In a challenging new environment, reporting and investing processes are likely to come under greater scrutiny. “Reputations will be made…
A symbol for the PE market
Download PitchBook’s Report here. Buyout multiples have barely budged in 2023 and remain above the 11x threshold, according to PitchBook’s latest Quantitative…
Middle Market Deal Terms at a Glance - November 2023
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
Average EBITDA Adjustment Cap for Synergies & Cost Savings (Sponsored vs. Non-Sponsored)
(Past performance is no guarantee of future results.)
Private Debt Intelligence - 11/27/2023
North American PD deal value in energy and utilities sector highest in five years [wpdm_package id=’67452′] Private debt deal activity…
BDC credit quality continues to hold up
BDC credit quality held up well across different metrics in the most recent quarter. The weighted average non-accrual rate for…
Loan Stats at a Glance - 11/27/2023
Source: PitchBook LCDContact: Marina Lukatskymarina.lukatsky@pitchbook.com
60/40 Hindsight
The traditional equities and fixed-income model is under-performing the historic average. Source: Bloomberg, The Daily Shot(Past performance is no guarantee…
The New Paradigm (First of a Series)
This week we chaired Day One of SuperReturn’s Private Credit US conference in New York. It’s a measure of the…
BDC debt valuations increase in 3Q23
BDC debt valuations climbed across the board in 3Q23, with riskier debt outperforming as hopes of an economic soft landing…
LPs remain cautious on fundraising
The current environment for deal-doing in private debt appears to be strong, but there are reasons why GPs may still…




The New Paradigm (Third of a Series)
The confusion around differences between public and private credit dynamics has been compounded by the rapid growth of the illiquid…