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Debtwire Middle-Market – 9/9/2019
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…
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The Pulse of Private Equity – 9/9/2019
Eight years in the black Between 2017 and 2018, LPs were on the receiving end of nearly $1 trillion in private equity returns, according to PitchBook’s new Global Fund Performance Report. Distributions came in at $480 billion last year, just off the record set in 2017 of $488.4 billion. Net cashflows topped $150 billion for…
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Heads and Tails
News reached us last week of a two-headed snake found in the Pine Barrens of southern New Jersey. The young timber rattlesnake(s?), nicknamed Double Dave, was discovered by two environmentalists, Dave Schneider and Dave Burkett. Co-headedness, known as polycephaly, happens rarely in nature, and occasionally in finance. Double Dave’s brains operate independently. But two heads…
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Chart of the Week: Tale of Two Classes
As the Fed reversed course on interest rates last year, cash fled loan funds and piled into high-yield bond accounts.
PDI Picks – 9/9/2019
Clearing the runway for venture lending VC fund managers are raising more capital, likely giving venture lenders more dealmaking activity. Venture capital fundraising could be on track to match last year’s $50.22 billion, according to data from sister publication Private Equity International…. Subscribe to Read MoreAlready a member? Log in here...
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Private Debt Intelligence – 9/9/2019
Private Debt Cash Flows Investors commonly cite that they look to private debt to offer three advantages: portfolio diversification, a reliable income stream and high risk-adjusted returns. This strikes a balance between the perceived regularity and predictability of real assets, and the alpha generation of private equity investments…. Subscribe to Read MoreAlready a member? Log
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Covenant Trends – 9/9/2019
Average Free-and-Clear as a Multiple of Pro Forma Adjusted EBITDA Contact: Steven Miller
LevFin Insights: High-Yield Bond Statistics – 9/9/2019
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com