Success is a balance of offense and defense. Deploying capital efficiently means sourcing top performing assets – financings to superior corporate borrowers backed by (in sponsor-backed businesses) top-tier private equity firms. Once in the portfolio those companies and their financing structures need to withstand any micro or macro threats. Critical to smart investing is close […]
Download PitchBook’s Report here. Unparalleled exit activity facilitated increases in 12-month distributions as a percentage of NAV for PE, culminating in a distribution rate of 33.7% in 2021, much higher than the historical average distribution of 24.4%…. Login to Read More...
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
How Does the Default Outlook for the Middle Market Compare to BSL? Download FitchRating’s Report here. Fitch tracks defaults in our portfolio of about 300 middle market loans that we rate privately for asset managers. The default rate in this portfolio was about 3.7% in 2023, up from under 3% in 2022, also primarily due…
Fundraising falls flat There’s been talk of a modest revival in capital raising this year, but the first quarter may have lowered expectations. After a difficult time on the fundraising trail in 2023 as limited partners suffered from the denominator effect and lack of distributions, private debt managers were looking forward to a more benign…
Leverage declined for both direct lending and syndicated deals in 1Q24 Total leverage on sponsored middle market deals ticked down to 4.44x in 1Q24, driven by a drop in first lien leverage. First-lien leverage came in at 4.20x in 1Q24, down from 4.33x in 4Q23, while junior leverage in contrast increased modestly to 0.24x from…
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
Percentage of Loans with F&C Tranche Growers (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com
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 10.7% as of 26 April, down from the highest level in last 12 months of 12.1% in May 2023) that tracks the overall performance…