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Private Debt Intelligence - 9/11/2023

Private debt investment holds up in slower transactions market Private debt investment in OECD countries has seen a slight decline over the last two years. So far this year, there have been 348 reported deals with an aggregate value of $73.8bn. This is less than half of the $190.8bn invested in 886 deals in 2022,…

PDI Picks – 9/11/2023

Is it really a golden age? Private credit has received plenty of acclaim as a well-positioned asset class for the times, but investors are not entirely void of concerns. Private debt GPs, in common with GPs across all private markets, found fundraising to be a challenging task in the first half of 2023. Our data…

All About Secondaries (Second of a Series)

Over the past two decades, the private equity secondaries market has quietly expanded into one of the highest growth, yet still niche, areas of alternative investments. From 2002 to 2022, global secondary market volume scaled from $2 billion to over $100 billion in transaction value – a 50x growth rate. GP-led transactions now account for…

A Word About Bonds

A recent Financial Time piece on bonds reminded us of their long, proud history as well as their critical importance to the proper functioning of today’s global markets. The article points out that while banks have faded in importance as holders of capital, bonds – led by US Treasury’s – are major components of the […]

Covenant Trends - 9/4/2023

Percentage of Loans with Uncapped Synergies & Cost Savings EBITDA Addbacks (Past performance is no guarantee of future results.) Contact: Steven Miller