A successful track record of investment exits is always a given, but doing so today is essential to attract new LP commitments. Timing is key – entering a fundraising cycle with recent realizations proves a manager can navigate a challenging market and generate realizations even in tough conditions. Featuring recent exit activity and distribution-to-paid-in (DPI) […]
We conclude our series on the Private Equity liquidity crunch with this question: What do scarce realizations mean for LPs constructing a portfolio in today’s environment? Having reviewed tactical tools and strategies available to investors to find liquidity, deploy capital, and select managers, we turn to building a sound and profitable portfolio. Every limited partner…
Top ten private debt funds hoover up 60% of capital in 2024 Read more in ‘Preqin 2025 Global Report: Private Debt’ The trend of capital consolidation in private capital continues unabated, with emerging managers finding it increasingly hard to raise funds as the vehicles raised by the most-well known and largest managers have drawn in…
After three flat-to-down years, LP’s look to be gearing up for 2025. Source: Private Equity International’s LP Perspectives 2025 Study
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthal eric.rosenthal@kbra.com
Refinancing rockets, new money rises: inside 2024’s institutional loan market The institutional loan market in 2024 has witnessed a dramatic resurgence, marked by a substantial increase in refinancing activity and a notable recovery in new money issuance. With the wave of refinancing appearing to recede, attention turns towards the mergers and acquisitions (M&A) market for…
Source: VanEck BDC Income ETF, BofA Merrill Lynch US High Yield Effective Yield The blue line in the chart is the current dividend yield of the *VanEck BDC Income ETF (currently at 10.9% as of 13 December) that tracks the overall performance of publicly traded business development companies (BDCs, are lenders to privately held middle-market businesses…
Launched Volume Source: LevFin Insights New-issue Yields Source: LevFin Insights Weekly Fund Flows Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenbergrobert.polenberg@levfininsights.com
Average New-Issue Clearing Spreads (Single B) and Covenant Terms for All First-Lien Institutional Loans (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
NAIC Report Puts Smaller CRA Ratings Under the Spotlight Click here to learn more. At end-2023, US insurers held about USD350 billion of privately rated securities. The NAIC has adopted a proposal to contest private ratings from CRAs if their ratings are three notches higher than an assessment from the NAIC’s Securities Valuation Office (SVO)….