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…
Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for First Quarter 2021
Growth rounds hit record Download PitchBook’s Report here. US PE growth activity hit a record in 2020 in terms of value, according to the 2020 Annual US PE Breakdown. At $62.5 billion, 2020 just leapfrogged 2018 by the dollar metric, even though volume hit its lowest level since 2013. The 810 transactions had an average deal…
December was lost in a fog of masks and Netflix bingeing. But one item that penetrated our consciousness was a superb credit webinar, courtesy Lincoln International. Their data, gleaned from over 1600 portfolio companies, are a strong proxy for private credit behavior: For example, sector performance underlined valuation advantages for less COVID-impacted industries such as […]
Percentage of Loans with Asset Sale Sweep Step-downs Contact: Steven Miller
Middle market non-sponsored syndicated volume was up 65% in 4Q20 Non sponsored syndicated loan volume bounced back to total US$19.7bn in 4Q20, the highest quarterly level since 4Q19. In the last couple of years, the non-sponsored middle market had been chugging along, as corporate issuers were cautious about undertaking any expansion plans…. Subscribe to Read
It’s accepted wisdom in the publishing world that magazines sell better with headlines like “The 7 Fastest Ways to Lose Weight,” “The 5 Most Awesome Martinis,” and “The 10 Hottest Vacation Spots.” Ordinarily a sophisticated finance journal such The Lead Left would never stoop to that kind of promotional gimmick. But, in the immortal words…
Leveraged loan prices recovered steadily through 2Q and 3Q 2020, bringing cumulative returns to positive territory.
Strong start to the year for buyouts; repricings make a return Source: Debtwire Par Institutional loans backing buyout activity climbed to USD 40.2bn in 4Q20 from just USD 13.8bn in 3Q20. Despite the late-year increase in deal flow, LBO institutional loan issuance ended the year at USD 103bn, down from the USD 119bn posted in…