Private Debt: Distressed Debt Dominates Q2 2018 In Q2 2018, 22 private debt funds held a final close, securing a total of $25bn in capital. Although this marks a significant decrease from the 33 private debt vehicles which held a final closure in Q1 2018, Q2 saw an increase of over $5.0bn in capital raised….
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
New tax law to impact PE data Download PitchBook’s Report click here. Recent changes to the US corporate tax rate are a mixed bag for private equity. Reducing the top-line rate from 35% to 21% affects PE at both the fund and portfolio company levels, as both are structured as corporate entities in the first…
2Q18 US M&A loan volume sets quarterly record; 1H18 total also at historical high The US market cleared almost US$194bn in acquisition loan financing in 2Q18 via a series of jumbo deals, to set a new quarterly record. In turn, 1H18 M&A volume at US$363.5bn marked a record high for any half year period. At…
It’s not uncommon for a firm to have an association with an adjective. The description is often derogatory; for example, acquisitive companies are often said to be rapacious. For Glencore, the commonly used adjective is “secretive”. This is no doubt due to the deliberately low profile of its CEO, Ivan Glasenberg, as well as its…
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
Average Free-and-Clear as a Multiple of Pro Forma Adjusted EBITDA (M&A-Related) Contact: Steven Miller
What goes up… 2017 was one heck of a fundraising year that saw stratospheric amounts of capital raised. 2018 will be a regular one. PDI private credit fundraising numbers for the first six months of the year fell by nearly half compared to the same time last year, plummeting from $111.96 billion to $59.81 billion,…
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…