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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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    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…

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    Stat of the Week: Tallest Buildings in the World

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    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…

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    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…

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    Fitch’s Private Middle Market Portfolio, Rating Activity

    Upgrades/downgrades in Fitch’s PMM portfolio are generally skewed toward downgrades, as issuer ratings can be constrained on the upside based…

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    Middle Market Deal Terms at a Glance - November 2023

    Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com

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    Average EBITDA Adjustment Cap for Synergies & Cost Savings (Sponsored vs. Non-Sponsored)

    (Past performance is no guarantee of future results.)

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    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…

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    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…

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    Loan Stats at a Glance - 11/27/2023

    Source: PitchBook LCDContact: Marina Lukatskymarina.lukatsky@pitchbook.com

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    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…

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    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…

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    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…

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    Fitch’s Privately Monitored Middle Market Portfolio Overview, 3Q23

    Fitch expects revenue growth to moderate to the mid-single digits in 2023 after two strong years of double-digit growth following…

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    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…

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    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…

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