Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. BDCs invest in middle market companies, and the Index…
Middle market LBO direct lending surges to new heights It was a record setting quarter for middle market LBO direct lending in 3Q21, with volume surging to US$16.3bn, nearly double the 2Q21 level and 50% above the prior record set in 4Q20. On a year-to-date basis, the US$33.9bn of middle market direct lending LBO volume…
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Growth deals in vogue Download PitchBook’s Report here. One sea change in the post-COVID PE market is the surge in growth deals. According to PitchBook’s latest US Breakdown Report, both 2020 and YTD 2021 have exceeded the $75 billion line, and 2021 is the first year we’ve gone past $80 billion. We’re on pace to see…
We report (in person!) this week from the SuperReturn Private Credit conference in Chicago, where we chaired day one, moderated an LP panel, and interviewed the keynote speaker. The event always attracts top-shelf credit investors and managers, and 2021 is no exception. Sifting through sentiments on the economy and markets from various panels, we discovered…
Covid conditions convince investors that fixed income and equities are equally attractive.
Q3 aggregate capital raised increases across regions North America-focused private debt funds raised $26.8bn over Q3 2021, an almost 227% increase on the $8.2bn aggregate capital raised in Q3 a year earlier. The closing of the$11.7bn HPS Speciality Loan Fund V played a large role here, as well as the closing of two further $1bn+…