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…
North America: Centre of the fundraising world again Vehicles investing around the world raised more money, but North America is ascendant. Private debt is homing back to North America, potentially bringing an even greater influx of capital to the birthplace of the world’s largest private debt market. North America-centric vehicles were seeking $84.42 billion at…
Purchase price multiples for middle market buyouts in the healthcare have risen in the last four years.
Percentage of Loans with MFN Carveouts Contact: Steven Miller
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
Unitranche volume dropped meaningfully in 1Q18 Thomson Reuters LPC’s newest unitranche league table provides insight into a very private, opaque market. After peaking at a robust $8.2B in 4Q17, unitranche volume fell off a dramatic 63% in 1Q18. What drove the fall off? Sponsors typically gravitate to the unitranche for ease of execution in M&A…
Private Debt Funds in Market: An Overview In Q1 2018, direct lending vehicles – a strategy that typically dominates private debt fundraising – accounted for roughly just 36% of funds closed and a similar proportion of aggregate capital raised. This proved to be a decline in proportions from 2017, when the strategy made up 47%…
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
iTraxx Europe – options can influence volumes Fundamental factors rightly garner the most attention when investors try to ascertain why markets move. Even if one regards markets as perfectly efficient and favour index tracking, it would be foolhardy to completely ignore real world influences when managing money. But the credit markets, in particular, warrant analysis…