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…
Is Corporate VC hurting PE? PE investors are no strangers to competition. Fellow PEGs and strategic buyers have been around since the beginning, and family offices and fundless sponsors are fast becoming significant players in the middle market. A new hybrid competitor is starting to flex its muscle, almost undetected by the broader industry: corporate…
Thirst for yield overshadows other concerns Worries over market valuations are being suppressed by investors still keen to embrace the private credit and private equity markets. In our limited partner survey conducted recently, North American respondents told Private Debt Investor their biggest macroeconomic concern was “extreme market valuations”. On a scale of 1-5, investors registered…
This week we chat with Brad Raymond, Head of Investment Banking at Stifel Financial. Stifel provides strategic advisory services globally, as well as raising public and private debt and equity. Clients are served by more than 400 bankers at Stifel and its owned companies including KBW and Miller Buckfire. The Lead Left: Brad, thanks for…
UK-Based Private Debt Fundraising: An Overview The UK-based private debt fundraising market witnessed a record 2017, with 22 funds securing a total of $19bn in capital, exceeding the previous record of $11bn raised by 21 funds in 2015. 2017 also marked a sharp uptick from the previous year: in 2016, 19 UK-based private debt funds…
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
The year 2018 marks the 10th anniversary of the collapse of Bear Stearns and Lehman Brothers and still the task of tackling “Too Big To Fail” is far from complete. On the contrary, regulation aimed at preventing taxpayer-funded bailouts is yet to be fully implemented – a fact that may come as a surprise to…
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Average Minimum Discretionary Debt Capacity Contact: Steven Miller