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Private Debt Intelligence - 11/12/2018

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Strong Private Debt Performance Pushes Dry Powder to Record Highs Distressed debt has outperformed the other private debt strategies examined over the one-year horizon to December 2017, generating returns of 11%. Direct lending, however, has been the strongest strategy over the three- and five-year horizons, generating returns of 9.6% for the three years to December…

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PDI Picks – 11/5/2018

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First-closing fee discounts can set GPs apart A surprising number of private markets managers don’t offer a break to their funds’ earliest investors. Private fund managers seem reticent to offer early-bird management fee discounts, according to two new surveys, closing a potential avenue to differentiate themselves as fundraising slows down. Private Debt Investor sister publication…

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Leveraged Loan Insight & Analysis - 11/5/2018

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After a tumultuous October, BDC price/NAV turns back up amid favorable earnings BDC share prices are back on the mend this month amid favorable 3Q18 earnings following an extremely volatilie October which wiped out price based returns for many. After going into negative territory in October, the Wells Fargo BDC Index is recovering lost ground…

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Debtwire Middle-Market – 11/5/2018

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Loan issuance shifts towards the riskier end of market Source: Debtwire Par The ratings profile of institutional loans has shifted more towards the riskier end of the market this year as the appetite for lower rated paper has remained strong for the most part. The B rating category has proved to be the most popular,…

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