LBO leverage levels continue to loosen Debt to EBITDA levels on LBO deals spanning the entire market (including broadly syndicated and institutional middle market loans) are currently averaging 6.3 times when looking on a rolling last four quarter basis. This would make it the highest post-crisis average and second only to 4Q07’s average of 6.5…
A closer look at multiples Download PitchBook’s 2017 Annual US PE Middle Market Report click here. The debt markets have been white hot recently, providing a tailwind for private equity and helping prop up valuations across the middle market. While cheap money has been a plus overall, investors have had to cap their debt commitments…
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
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…
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Average F&C Tranche / Pro Forma EBITDA Based on Initial PF Leverage Contact: Steven Miller
Asia-Based Investors Surge into Private Debt The private debt industry has seen a steady increase in the number of investors active in the asset class in recent years. As the asset class has become more prominent and more distinct from the wider private capital market, institutions have begun to take more active involvement and allocate…
We tend to be a late adopter of cultural phenomena, so our appreciation of curling was understandably delayed. A sport that plays like shuffleboard, tosses around terms like hack and hog line, and employs practitioners who carry brooms, is a tough sell. But thanks to relentless Olympic coverage, the US men winning a first-time ever…
Contact: Timothy Stubbs timothy.stubbs@spglobal.com