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Private Capital Amid Public Capital Scarcity
Public capital allocation is governed by fast cash, so when money flows out of retail funds, it’s a headwind to deal activity. Private capital has long-term, locked-up funds. But in this period of uncertainty, managers are taking longer looks at risks versus opportunities… ▶︎ Read Sept 26 2022 newsletter: here ▶︎ Chart of the Week: […]
Debtwire Middle-Market – 10/3/2022
Prohibitive financing costs continue to plague the loan primary market Source: Debtwire Par Institutional leveraged loan issuance has plummeted 68% from levels seen just last year, to USD 233.2bn through September. As the macroeconomic headwinds beleaguering the market have remained persistent – inflation remains sticky, the Federal Reserve is expected to keep on an aggressive…
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Leveraged Loan Insight & Analysis – 10/3/2022
3Q22 U.S. Leveraged volume down 45%; HY bonds off 77% y-o-y Less than US$182bn of leveraged loans and HY bond issuance was completed in 3Q22, the weakest quarterly results in over six years and a55% drop compared to the same time last year. At US$759bn, 1-3Q22 totals were down almost 45% compared to the year…
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The Pulse of Private Equity – 10/3/2022
$50B in new capital Download PitchBook’s Report here. PitchBook’s Quantitative Research team has released a new Quantitative Perspectives Report, which is available for free. One of the most interesting findings is charted above. In 2021, a common refrain was that LPs were piling into PE funds, as long as they were staying within range of their…
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LevFin Insights: High-Yield Bond Statistics – 10/3/2022
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Private Debt Intelligence – 10/3/2022
NA private debt deal activity struggles to catch up with 2021 highs Private debt deal activity in North America has slowed in the second half of 2022 so far, with the number of deals dropping to just over 100 in Q3 this year. Since the recent high of $78.8bn in Q2 2021, aggregate deal value…
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Private Credit in an Age of Scarcity (Last of a Series)
As our Quote of the Week concisely frames it, the world is changing from one where risk-taking was rewarded, to one where it is punished if not appropriately managed. The question for private credit investors is, can you be rewarded while managing today’s level of greater risk? In a nutshell, the Fed’s withdrawal of systemic capital and…
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Chart of the Week: Exit Ramp
Middle market private equity exits have slowed dramatically in the current environment.