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Covenant Trends - 2/21/2023

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Rolling Tallies of MFN Sunsets (LevFin Insights) (Past performance is no guarantee of future results.) Contact: Steven Miller

The Pulse of Private Equity – 2/21/2023

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Corrections strongest in growth, VC strategies Download PitchBook’s Report here. PitchBook’s latest Quantitative Perspectives Report, available for free here, found a strong run-up in five strategies since 2019. The strongest surge was among PE growth funds, where hypothetical growth more than doubled between Q1 2020 and Q4 2021. $100 invested in 2007 would have equated to…

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Leveraged Loan Insight & Analysis - 2/21/2023

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BDC non-accrual rates tick higher Despite increased concerns around credit quality in recent months, BDC non-accrual rates have remained low by historical standards. Looking at the universe of BDCs that have reported 4Q22 earnings, the weighted average non-accrual rate on debt investments ticked up to 2.17% in 4Q22 from 1.91% in the prior quarter…. Subscribe

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Private Debt Intelligence - 2/21/2023

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North America vastly outnumbers growth capital deals globally The number of private debt deals in North America have greatly outnumbered those in Europe and Asia combined over the past few years. The region saw 2,360 deals take place between the start of 2020 and 2023 YTD, in contrast to Europe’s 1,101 and Asia’s 94 (not…

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PDI Picks – 2/21/2023

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Moving into the middle Positioned in between senior debt and equity, subordinated debt providers are catching the attention of investors. As the world enters a new economic era, firms need new financing options to help them grow in a more challenging environment. Increasingly, hybrid debt/equity and subordinated debt are being used by corporates which want…

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Warmer Waters

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Our family winter break in Turks and Caicos last week was highlighted by two discoveries. First, neither of our daughters are particularly interested in water activities. And second, their all-inclusive meal mainstays, despite a world of delicacies, were chicken nuggets and cotton candy. We say this, not to disparage young girls’ dietary or athletic choices….

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