Growth of mega funds masks smaller fund activity In keeping with the growing trend of consolidation within the private debt industry, in Q2 2022 the largest funds continued to attract most of the aggregate capital targeted. Compared to the same time a year earlier (Q2 2021), the proportion of funds in market targeting aggregate capital…
News reached us last week of the demise of the Choco Taco. Or not. Cousin to the Klondike Bar, this chocolate-nut-waffle-taco-vanilla-fudge-ice-cream novelty seemed to be yet another victim of supply-chain issues when its manufacturer announced it was being discontinued. Choco-Taco’s creator chalked it up to the times. “I believe if there had never been Covid…
Not since 1969 have there been two milder consecutive negative growth quarters.
Rolling Tallies of MFN Sunsets (Past performance is no guarantee of future results.) Contact: Steven Miller
Contact: Marina Lukatskymarina.lukatsky@pitchbook.com
Jumbo loan buy-out financings remain prevelant amid choppy secondary market Source: Debtwire Par Leveraged loan and high-yield bond issuance backing buy-outs exploded in 2021, increasing 95% over the 2020 figure to set a new annual record of USD 240.3bn. Leveraged loans accounted for USD 212.7bn of issuance, up 98% from 2020, while HY bonds made…
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Fewer first-time funds Download PitchBook’s Report here. Last year was a better year for first-time fundraisers, according to PitchBook’s latest US PE Breakdown. Rookie fundraising is slowing compared to last year, in part because LPs are prioritizing existing GP relationships, especially their bigger ones. Through June, 27 first-time funds have closed, worth a combined $5.2 billion….
Percentage of Loans with Asset Sale Sweep Step-downs (Past performance is no guarantee of future results.) Contact: Steven Miller
Middle market unitranche leverage declines in 2Q22 Leverage on middle market unitranche loans tightened to 5.57x in 2Q22, its lowest level since 3Q20, as it continued to retreat from the record highs seen in 2021. From a pricing perspective, blended spreads were flat for middle market unitranches, averaging 600bp in the most recent quarter…. Subscribe