TheLeadLeft

Private Credit vs. Public Debt (First of a Series)

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One of the more discussed charts we’ve run in this newsletter recently compared direct lending yields with that of high-yield bonds. Seems as if many were surprised at the significant spread differential between the two asset classes. For those who missed this chart, we reprise it below as our Chart of the Week. It made…

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Lead Left Interview - Stephanie Link (Part 2)

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This week we continue our conversation with Stephanie Link. Stephanie is a managing director and equity portfolio manager for TIAA Global Asset Management. She manages large-cap equities primarily based in the US. She is also a CNBC contributor and appears regularly on Closing Bell and Halftime. Second of two parts – View part one The Lead Left:…

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Debtwire Middle-Market – 2/27/2017

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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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The Pulse of Private Equity - 2/27/2017

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PE-backed exits trend down in size

For the second year in a row, the median private equity-backed exit in North America and Europe has trended downward in size across all three primary routes of liquidity. The typical corporate acquisition in 2016 cleared $138.1 million, a 13.7% decline from the $160 million notched in 2015. After the significant growth in median exit sizes from roughly 2013 to 2015, it is important to note that the numbers recorded in 2016 were still aligned somewhat with those seen in 2010 and 2011. Given that these figures are still relatively healthy on a historical basis...

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Private Debt Intelligence - 2/27/2017

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Private Debt Management Fees Drop to Eight-Year Low

Fund terms within the alternative assets industry have been of particular focus over the last few years as investors have largely united to push managers for greater transparency and improved alignment of interest.

Within the private debt industry, this approach appears to be paying dividends with the average management fee reaching an eight-year low for 2016 vintage funds which charge a mean fee of 1.63%...

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