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Private Debt Intelligence - 2/7/2022

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Private debt dealflow in Canada dries up during COVID Momentum in Canada’s private debt market has all but disappeared over the past two years. The number of investments fell from 64 in 2020 to 40 in 2021. Deal value (US$) has slumped from a recent high of $10.8bn in 2019 to $4.1bn in 2020 and…

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PDI Picks – 2/7/2022

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The secondaries puzzle There are signs of growth in the debt secondaries market, but investors appear less then enthusiastic about new commitments. Nearly all the indicators seem to be going one way: increased appetite for private credit secondaries. In this context, the record $1.4 billion fundraising for Coller Capital’s Credit Opportunities I fund last week…

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“Slower, But Still Pretty Fast”

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We caught up recently with our chief investment strategist at Nuveen, Brian Nick, for a conversation on markets and the economy: “We are at an inflection point in two important respects; first, 4Q was the best quarter of 2021 from a GDP perspective. Last year growth was 5.5%, best since 1984. But even if we…

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Leveraged Loan Insight & Analysis - 1/31/2022

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New LBO loan assets increase as a proportion of total PE buyout activity Private equity sponsors actively tapped the loan market in 2021 to back over US$196bn in buyout activity, the second highest total on record and just behind 2007’s historic totals north of US$200bn. More significantly, over US$126bn or 64% of total issuance represented…

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The Pulse of Private Equity – 1/31/2022

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Quarterly IRRs returning to earth Download PitchBook’s Report here. PE performance bounced back strongly following the pandemic, but that momentum appears to be slowing. PitchBook’s just-released Global Fund Performance Report estimates a 3.4% quarterly IRR return for Q3 2021, where the data is preliminary. If that holds as we process more data, Q3 2021 will be…

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M&A Webinar: 2022 Outlook

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Last week we held our first “Lead Left Presents” webinar. 500 attendees heard four top middle-market investment bankers discussing what happened in the M&A market in 2021, and what’s to come for the year ahead. From a sector perspective, industrials were challenged in 2020, then bounced back sharply last year. Backlogs were “very strong” going […]