“Time is the longest distance between two places.” – Tennessee Williams One of the most important variables impacting valuations is how much time sponsors have to effect strategies to improve company performance. According to Preqin, the hold period for private equity GPs worldwide was 4.5 years last year – down from 5.9 in 2014. The…
Purchase price multiples eased last year, though still sustained at near record levels.
HY bonds post busiest quarter since 4Q17, loan issuance falls sharply in 1Q19 Source: Debtwire Par High yield bonds posted their busiest quarter since 4Q17, as issuance totaled USD 58.1bn in 1Q19. The bond market bounced back from the volatility seen in the latter part of 2018, posting figures of USD 19.3bn in January, USD…
One more bad bit of fundraising news for first-time funds If the slowdown in fundraising continues, more LPs may make their full commitments to their funds of choice, accelerating the trend of fewer firms raising more money. With private debt fundraising tumbling, more investors may be looking to allocate their full commitment… Subscribe to Read
Private Debt Fundraising Falls in Q1 Private debt fundraising has been cyclical in recent quarters, with significant spikes in Q4 2017 and Q2 2018 failing to generate consistent momentum. The asset class has certainly not accelerated in the opening quarter of 2019: as well as the number of fund closures falling from 57 in Q4…
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
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“Anything that just costs money is cheap.” – John Steinbeck At the PartnerConnect conference in Boston last week, three panelists (including your correspondent) held forth on trends in middle market sponsor finance. One audience question caught our attention: “Given the current market, does the level of valuations concern you?” Of course, it depends what side…