After a slow start to the year, MM fundraising showing a pick-up After a record US$97bn in inflows into middle market direct lending in 2018, the fundraising environment is off to a slower start in 2019 with US$14bn tracked year to date. In 1Q19, LPC only tracked about US$9.0bn in inflows following a record $42.4bn…
Q: Private Equity Investors: Which EBITDA adjustments do you employ most frequently? Q: Direct Lenders: Which EBITDA adjustments do you see from sponsors most frequently?
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Click here to download full report DOWNLOAD FULL REPORT Broadening our lens, a simple scatter plot of LBO loans over the past year for which Covenant Review has analyzed final terms or updated preliminary terms illustrates the fact that higher-scoring loans tend to be concentrated at the smaller-end of the market. Size, however, is not […]
Click here to download CFA’s The 2019 Secured Finance Market Sizing & Impact Study 1 Indicated levels are Study estimates and subject to future revision. ABL: values based on total facility commitments and include syndicated and non-syndicated loans; Factoring: net funds outstanding assumes annual volume of factored purchases average 45-day terms with 22-day average outstanding […]
Private Debt Keeps Performing Well Over the one-, three- and five-year periods to June 2018, mezzanine funds have outperformed all other private debt strategies, generating an annualized return of 11.5% over five years. In contrast, direct lending funds have produced the lowest returns over these timeframes, generating just 4.7% over five years, while distressed debt…
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
“Only those who will risk going too far can possibly find out how far one can go.” –T.S. Eliot So far in our special series on valuations we’ve reviewed key variables that impact equity valuations, and the strategies private equity has used to address them. We’ve also shared sponsors’ perspectives on challenges of higher purchase…
Asset valuations tops the worries confronting sponsors in meeting return hurdles.