Looking at the Private Debt Funds in Market At the start of Q4 2018, there are 396 private debt funds in market seeking an aggregate $175bn in capital. This represents an increase of seven funds in market than at the start of Q3, but the funds currently in market are seeking $5.0bn less in aggregate…
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
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After strong 2Q, 3Q18 ABL loan volume down 45%; 1-3Q18 totals 2% off y-o-y Consistent with behavior observed across the leveraged cash flow market, the asset based loan market saw a marked drop off in issuance in 3Q18, completing less than US$17bn in deals via retail syndication. These results represented a 45% decline in volume…
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…
Are SBOs a drag on fund performance? Download PitchBook’s Report here. Secondary buyouts are one of the most critiqued aspects of the private equity industry. But SBOs aren’t going anywhere, and they represent one of the largest deal sourcing opportunities in today’s market. Still, it’s worthwhile to investigate the wisdom of buying “used” portfolio companies, since…
When geography is the same Multi-regional and North American funds have taken the top two spots again for regions with most credit funds raised. Investors are going global this year, as funds with multi-regional geographic mandates raised have raised the most money in 2018 at $31.3 billion, or 35.36 percent of the $88.57 billion total,…
Average Interest Coverage at Closing for Loan Deals Contact: Steven Miller