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M&A in Full

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Having moderated three private credit panels in the past ten days, a recurring theme we’ve heard is the record level of deal volume. What’s driving this unprecedented activity? In its recently published 3Q survey, William Blair reported $155 billion of institutional loans, nearly the highest number they’ve recorded. $92 billion was dedicated to M&A transactions. […]

The Pulse of Private Equity – 11/8/2021

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Mega-funds lead PE fund returns Download PitchBook’s Report here. Global PE funds posted a quarterly record in the first quarter, returning 17.6%, according to PitchBook’s latest Global Funds Performance Report. Very active capital markets are helping boost quarterly return numbers to historical highs. Preliminary Q2 returns show some deceleration, estimated at 8.8%, but still well above…

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Leveraged Loan Insight & Analysis - 11/8/2021

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Equity multiples average an all-time high 7.1x on middle market LBO deals this year US middle market LBO purchase price multiples have continued to move higher this year. Through the first nine months of the year, the average middle market LBO purchase price multiple was 12.1x, an all-time high, and 8% above last year’s previous…

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A Market in Full (Last of a Series)

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Our friends at William Blair ended their 3Q survey [link] with a summary of issues most expected to impact leveraged loans through year-end. Here’s a sampling: Supply/demand equilibrium. Which comes first, supply or demand? Retail cash inflows and CLO capacity largely drive liquid loan demand. Once issuers see there’s investor appetite, they hit the market…

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