In our 2022 Capital Markets Outlook, we discussed expectations for the year ahead. Topics included covenant-lite loans, inflation and rising interest rates, the LIBOR/SOFR transition, the heightened prevalence of unitranche loans and the continued focus on ESG. Kelli Marti, Churchill’s head of CLO management, and Jessica Nels, capital markets, begin a series of market commentaries…
“Too much capital chasing too few deals”? Download PitchBook’s Report here. “Too much capital chasing too few deals” is a common refrain in the direct lending market. Is it true? It doesn’t appear to be, according to PitchBook’s Annual Global Private Debt Report. Globally, the direct lending market has about 2.5 years of dry powder on…
Special situations funds raise more capital through the pandemic North America-focused fundraising for private debt hit new highs during the pandemic, with $105.7bn raised in 2020 and $128.6bn in 2021. Special situations funds, which finance specific events, such as mergers and acquisitions, raised a record $23.4bn of capital for investment in North America in 2020….
Average Free-and-Clear as a Multiple of Pro Forma Adjusted EBITDA (Past performance is no guarantee of future results.) Contact: Steven Miller
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com
It’s not all about institutions All the talk is around retail investment as fund managers reach out to this potentially huge investor base. Retail investors have been beating at the door of the alternative investment industry and it appears the door is now being thrown open, as private debt managers increasingly fall over themselves to…
Contact: Marina Lukatskymarina.lukatsky@spglobal.com