Loan mutual fund AUM continued to decline, ending May at US$137bn Loan retail outflows sent the AUM (market value) for loan mutual funds & ETFs lower to US$137.7bn as of the end of May, a decline of US$1.92bn or -1.4% month on month, and US$9.9bn or -7% since the beginning of the year. Loan funds’…
GP stakes fundraising starting to boom Download PitchBook’s Report here. An awaited flood of GP stakes fundraising is starting to take shape. The funds currently in the market will eventually amass more capital for the strategy than the past decade combined, according to our recently released analyst note. The majority of those raises will be housed…
Our special series on envelope-pushing in the world of loan covenants continues with a look at “limited condition transaction” provisions. These provisions allow the borrower to decide, at its option, when it wants to test the conditions to entering into a transaction (typically an acquisition) that is not subject to a financing condition – sometimes…
Beginning in April 2019 The Lead Left published a series of articles on valuations. This report consolidates those articles.
The share of loans with free and clear grower components climbed to a record high in the three months through May 2019.
Subscription Credit: Angel or Demon? Private capital funds are using subscription credit facilities – bridge loans made to fund deals in lieu of making capital calls – more than ever. Usage has jumped from 13% in pre-2010 vintages to over 50% of 2015 and 2016 vintage vehicles. But the industry remains divided as to whether…
Average Minimum Day-One Capped Basket Capacity, Quarterly Contact: Steven Miller
Private credit’s downturn performance will predict its growth in Asia – and the world Alternative asset managers expect Asia, save China and the Middle East, to be the strongest growth area for their investor base in the coming years. The growth of alternative asset investments coming from Asia has been real, and managers believe it…
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
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…