Bigger funds across private capital Download PitchBook’s Report here. Private capital as a whole is enjoying an enthusiastic fundraising trail. PitchBook’s latest Private Fund Strategies Report, available here, covers a range of asset classes, including PE, VC, real estate, real assets, FoF and secondaries. The data shows a pronounced uptick in fund step-ups—or the difference between…
In a recent conversation with a good friend in private credit, a veteran of the industry for many years, he reminded us of the history of one-stop financing. “In the beginning,” he reminded us, “unitranche was a creature of broken markets. It was designed to step in when banks were backing away. Today it’s accelerating…
Unitranche share of 2Q middle market sponsored loans slipped from 1Q, while overall activity jumped.
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
According to Refinitiv LPC, US unitranche volume came to almost $22 billion last quarter – the highest level they’ve tracked historically. At the same time, one-stop risk/return dynamics have moved in favor of issuers. The average debt/ebitda is now at a record high 5.9x, with all-in Libor spreads hovering around 600 bps. As we told […]
Direct lending attracts most capital in H1 2021 Direct lending remains the most popular private debt strategy, with $14.7bn more capital raised in the first half of this year compared to H1 2020, despite a fall in the number of funds closed from 20 to 17. In distressed debt there were less than half the…
Average Minimum Day-One Capped Basket Capacity, YoY (Past performance is no guarantee of future results.) Contact: Steven Miller