Crowded markets continue in Q2 Both the number of private debt funds in market and the amount of capital targeted have continued to rise through Q2 2021. Since January 2017, the number of funds raising and capital targeted have more than doubled from 265 funds raising $118bn in 2017 to 651 funds raising $295bn by…
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…
Private debt fundraising keeps pace Download PitchBook’s Report here. Globally, private debt fundraising had a strong start to the year. According to PitchBook’s just-released Global Private Debt Report, 81 new funds have closed so far this year, worth a combined $72.5 billion. Direct lending continues to be the standout strategy, contributing $33.5 billion to the total….
This week’s Chart of the Week highlights how US and European private debt fundraising came into Covid with a head of steam, slowed, and has now picked up. Our content partner, , recently published excellent commentary related to investors’ views of the “European opportunity.” One CIO said it started looking more attractive when US yields […]
Economic and Market Overview Broadly Syndicated Market-Observations A View on Private Credit Login to view interactive report and download PDF version. … Subscribe to Read MoreAlready a member? Log in here...
Average WE unitranche size rockets Source: Debtwire Par The total WE unitranche volume for the year is expected to come in higher than last year and lower than the peak volumes seen in 2019. Around EUR 6.8bn has been raised in 2021 to date compared with EUR 5.8bn and EUR 8.6bn secured over the same…
Refinitiv LPC’s Quarterly Lender Survey: Are you able to adequately engage with your clients/co-workers? As more people are heading into the office, six percent of large corporate buyside and sellside lenders surveyed by Refinitiv LPC said that the quality of engagement is better now given that they can find ways to meet in person or…
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Sponsors demanding larger DDTLs to act quickly in today’s buying bonanza Sponsors are demanding larger delayed-draw facilities so they can act quickly in today’s buying bonanza. Auctions have gone from a three-month process to about half that time or shorter in some cases. It’s much easier to hit a DDTL than go back to the…