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The Pulse of Private Equity – 3/4/2019

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Are IRRs inflated? Download PitchBook’s Report here. It’s a slightly different question than asking whether IRRs are trustworthy in general. That debate has been around for years and will continue to be. The inflation question is being asked a bit louder nowadays, thanks to a renewed focus on subscription credit lines…. Subscribe to Read MoreAlready a

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Debtwire Middle-Market – 3/4/2019

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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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PDI Picks – 3/4/2019

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A taste for adventure Beset by concerns about competition and deal structures, limited partners are tempted to look beyond familiar territory. It’s not all about direct lending any more. As our accompanying chart from Eaton Partners shows,… Subscribe to Read MoreAlready a member? Log in here...

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Markit Recap – 2/25/2019

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Seasoned credit investors are painfully familiar with shareholder-friendly actions. Leveraged buyouts, debt-financed share buybacks and special dividends can all deliver nasty surprises to bondholders. But idiosyncratic risk works both ways and companies can implement policies that favour bond investors,much to the chagrin of equity holders. Marks & Spencer is a good example…. Subscribe to Read

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