Specialist versus generalist PE capital raised ($B) Download PitchBook’s Report here. Fundraising consolidation is here to stay, and it will change the way managers go about raising new funds in the coming years…. Subscribe to Read MoreAlready a member? Log in here...
Institutional loan repricings return in May, with issuers wielding most of the negotiating power With more than 40% of secondary loans trading above par despite a 96-handled average bid, the repricing trade has come bustling back for issuers able enough and ready to go…. Subscribe to Read MoreAlready a member? Log in here...
North America remains investor favourite Despite talk of Europe becoming the new fundraising magnet, the data is not showing any significant change in LP appetite. There has been much written about the attractions of European private credit of late. Moreover, the region’s perceived strengths are frequently compared with the challenges facing aspects of the North…
The Growing Footprint of Private Equity Activities in European Lending Sponsor-backed activity is reshaping European credit markets, with direct lending serving as the primary engine of growth…. Subscribe to Read MoreAlready a member? Log in here...
According to Merriam-Webster, apophenia, or mistaken pattern recognition, is “the tendency to perceive a connection or meaningful pattern between unrelated or random things.” We see this happen all the time in capital markets. After the GFC, the usual suspects were rounded up. While sub-prime mortgages were clearly the culprits, leveraged loans and CLOs were also…
Despite the headlines, direct lending makes up a much smaller share of household and business debt than mortgages did at the height of the GFC. Source: Apollo
Retail Investors Return to Loan Funds Amid Shifting Rate Expectations Click here to access Bloomberg’s latest Global Leveraged Loan Index Report Retail investors have steadily returned to leveraged loan funds following two consecutive months of net redemptions. The Invesco Senior Loan ETF (BKLN) recorded $359m in inflows this month through May 19, building on $528m…
Jumbo LBO deals steal spotlight in March amid macroeconomic uncertainty Leveraged buyout (LBO) activity reached USD 17.9bn in March, the highest monthly total since USD 22.8bn in September 2021. The buyouts have buoyed a market in dire need of activity, accounting for nearly half of the USD 37bn total institutional leveraged loan issuance in the…
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
Average Free-and-Clear as a Multiple of Pro Forma Adjusted EBITDA (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com