This past week we visited our clients and friends in Tokyo. The last time we did, three months before Covid, Japan’s GDP had ended modestly down 0.2%. During 2020 it plunged 4.3%; about twice as sluggish as the US… ▶︎ Read Feb 27 2023 newsletter: here ▶︎ Chart of the Week: here (by The Daily […]
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Distribution of MFN Maturity Carveout Horizons (Past performance is no guarantee of future results.) Contact: Steven Miller
US primary institutional yields are averaging 9.57% in 1Q23 Average primary institutional yields have flattened in the last two quarters after soaring in 3Q22. At 9.57% so far in 1Q23, the average first-lien institutional yield, assuming a three-year term to repayment, is slightly below 4Q22’s 9.62%. While SOFR rates continue to rise, tighter discounts and spreads…
Q4 recovery in private debt fundraising Download PitchBook’s Report here. A quarter ago, private debt fundraising numbers were “poised for a down year,” according to the guy typing this sentence. At the time, about $130 billion had closed in new private debt funds, compared to $228 billion in the 2021 vintage. The other decline, which remains…
Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. BDCs invest in middle market companies, and the Index…
Investor demand for private debt unabated in 2022 Despite the turbulent macro environment, investors have remained committed to private debt for its ability to deliver resilient real returns in the face of inflation and an uncertain rate environment. Fundraising in 2022 almost matched 2021’s record figure of $231.0bn… Subscribe to Read MoreAlready a member? Log
An ESG journey still in its infancy Private debt and ESG don’t have a long history together, but there are signs of much-needed progress being made. Long gone are the days when lenders were commonly described as the back-seat drivers in private equity-sponsored transactions. While equity financiers market themselves on their ability to bring operational…