Quantifying the recovery Download PitchBook’s Report here. It’s no secret that private equity is having a big year. A new PitchBook Quantitative Perspectives report, US PE: Recovery and Beyond, helps put this year into historical context. The past few quarters have been such a pronounced recovery that deal volume is now well above the 20-year, long-term…
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Back in 2015 we introduced the concept of the “cargo-pants strategy” [link]. It was our observation that direct lenders saw the opening to compete against banks for leveraged finance deals, but needed virtual balance sheets to hold larger commitments. Over time these managers raised multiple vehicles – CLOs, separate managed accounts, commingled funds, BDCs, etc….
This year marked a dramatic upward shift in the size of funds raised by private debt managers.
Distressed Debt Volatility Doesn’t Hamper Closing Large Funds Distressed debt returns have been volatile over the past 10 years, with median net IRRs moving between 6.3% and 14.6%. This gives the strategy a median net IRR of 8.62% over 2009 to 2018 (the most recent vintage for which return data is meaningful), very similar to…
Percentage of Loans with MFN Carveouts (Past performance is no guarantee of future results.) Contact: Steven Miller
Five steps forward to a more responsible future The global pandemic has been the hot topic of the last couple of years, but ESG is pushing hard to take centre stage. In our recent Responsible Investing report, Private Debt Investor considered the ways in which private debt is being transformed by the necessities of a…