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Leveraged Loan Insight & Analysis - 1/21/2019

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Unitranche volume reached $7.5B in 4Q18 and $27B in 2018 LPC tracked US$7.5bn in unitranche facilities closed in 4Q18, down slightly from the US$8.9bn tracked in 3Q18, but still quite robust. For the 2018 year, LPC tracked US$27bn in unitranche facilities closed, 13% higher than 2017’s levels. As many direct lenders continued to amass scale…

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The Pulse of Private Equity – 1/21/2019

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Another record year for the middle market Download PitchBook’s Report here. The US middle market had quite the year. Both volume and total value easily set records by year, and the quarterly totals were even more impressive. All four quarters saw more than $100 billion invested—not only the first time that’s happened, but those are the…

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PDI Picks – 1/21/2019

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Underwriting’s influence on track record GPs’ documentation practices play an outsized role in private credit, and LPs should know whether they’re doing it well. Limited partners put an almost unanimous emphasis on a potential general partner’s track record, with 97.6 percent of respondents in our annual PDI Perspectives 2019 investor survey saying it forms a…

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Feeding the Chickens

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“I believe in being fully transparent,” we told our spouse, negotiating NFL playoff viewing rights this past weekend. “It’s working,” she said. “I can see right through you.” In that same spirit of confession, your correspondent reminds readers of last week’s forecast regarding fund flows. We predicted outflows from retail loan accounts, which had been…

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