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…
Synergies & Cost Savings EBITDA Addbacks Contact: Steven Miller
Which way for PE valuations? Download PitchBook’s Report here. US PE buyout multiples went up in 2020, according to the 2020 Annual US PE Breakdown. At 14.1x, 2020 is actually the new high-water mark, increasing almost a turn and a half over 2019’s median of 12.7x. 14.1x certainly isn’t reflective of the entire market. Many of…
Record Number of Active Private Debt Managers A record of 1,947 private debt firms are currently active. With record figures in both firms and funds, the market is becoming increasingly crowded. The number of fund managers in Europe is increasing… Subscribe to Read MoreAlready a member? Log in here...
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
We continue our special series with the second of our “Five Biggest Private Capital Surprises of 2020:” Surprise #2: Non-Correlated Trends – Infections, Markets, and the Economy The Global Biological Crisis of 2020 was different from the Global Financial Crisis of 2008 in several ways. Of course, one started with a virus, the other with…
Over the past two decades business cycles have increased the degree of correlation among asset classes.
The co-investment conundrum Investors still say there are factors hindering them from participating in co-investment opportunities. Limited partner appetite for co-investment opportunities has dropped to a three-year low as credit investors hold back from doubling up with fund managers. According to Private Debt Investor’s LP Perspectives 2021 Study, fewer than one in four LPs expect…