Source: VanEck BDC Income ETF and 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 (BIZD) that tracks the overall performance of publicly traded business development companies (BDCs, lenders to privately held middle-market businesses that tend to be below…
In private debt, size matters Our recent review of the asset class’s progress over the last ten years noted how the average size of funds keeps on growing. One of the findings of our recent Decade issue was the rapid advance in the sizes of private debt funds. Increasing concentration of fundraising among the top…
Total leverage drops on 2023 US LBO deals So far this year, US LBO activity has been very slow. Year-to-date syndicated LBO loan volume of around US$18bn is running 70% lower year-over-year. Meanwhile, total debt to Ebitda levels on large corporate LBO deals has dropped to an average of 6.2x this year, nearly a whole…
Percentage of Loans with MFN Carveouts (Past performance is no guarantee of future results.) Contact: Steven Miller
Contact: Marina Lukatskymarina.lukatsky@pitchbook.com
Slowdown hits alt managers Download PitchBook’s Report here. Deal activity out of alternative asset managers is down—now, so is deal activity for alternative asset managers, according to PitchBook’s latest analyst note, Public PE and GP Deal Roundup. GPs investing in other GPs, whether they’re GP stake sales, industry acquisitions or public listings, is subdued this year….
“Private credit is the only bright spot in asset allocation right now.” The themes around private credit of consistent returns, valuation stability and low-risk portfolios were repeatedly underlined in the twenty or so meetings we had with investors in our weeklong trip around Seoul, South Korea… ▶︎ Read May 29 2023 newsletter: here ▶︎ Chart […]
Fundraising’s tale of two halves Looking back over the last decade reveals a phase of uninterrupted capital growth, followed by a less predictable period. Since Private Debt Investor launched a decade ago, we have closely tracked fundraising for the asset class across its evolving array of strategies. We have witnessed the meteoric rise of an…
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
