GP deal activity picking up Download PitchBook’s Report here. GP stakes and alternative asset M&A is picking up and features another slate of interesting deals. PitchBook’s latest US Public PE and GP Deal Roundup shows another healthy year for move-making among alternative asset managers. Control transactions are making up almost half of all transactions this…
Canada-focused private debt financing deal value on the upturn Canada-focused private debt deal activity and value have recently picked up. So far this year there have been 16 deals, with an aggregate value of $4.1bn. This is nearly double the $2.2bn value reached over 46 deals in 2022…. Subscribe to Read MoreAlready a member? Log
Year-to-Date Default Volume, Count Contact: Eric Rosenthaleric.rosenthal@kbra.com
US yields decline across the board in 3Q23 The US institutional loan market had a busy summer, with many issuers taking advantage of increased investor appetite. Many tapped the market for refinancings or repricings, as spreads and OIDs tightened, leading to lower yields across the board…. Subscribe to Read MoreAlready a member? Log in here...
The popularity of secondary equity investments has risen markedly since 2016. Source: Evercore(Past performance is no guarantee of future results.)
“The majority of GPs have observed some level of interest from their investors for continuation funds.” – Private Equity International Private Fund Leaders Survey 2023. Besides the above survey, an article last month in Secondaries Investor cited Jefferies data showing 80% of LPs sought liquidity by selling into continuation vehicles. This is an extraordinary shift…
Source: VanEck BDC Income ETF, BofA Merrill Lynch US High Yield Effective Yield The red line in the chart is the current dividend yield of the *VanEck BDC Income ETF (currently at 10.7%) that tracks the overall performance of publicly traded business development companies (BDCs, lenders to privately held middle-market businesses that tend to be…
Taking your PIK The influence of the payment-in-kind option in private debt transactions is on the rise. There was a time when a company seeking a payment-in-kind (PIK) option was a surefire sign of trouble. Think of the credit bubble that led to the global financial crisis…. Subscribe to Read MoreAlready a member? Log in
Fitch’s Private Middle Market, Model-Based Credit Opinion (MBCO) Portfolio, 2Q23 Fitch’s privately covered middle market (MM) portfolio is comprised of generally smaller issuers (with average EBITDA of $51M, average revenue of $275M and average debt of $299M). The portfolio comprises of issuers in the b+* to c* range (asterisk denotes Credit Opinion)…. Subscribe to Read