TheLeadLeft

Leveraged Loan Insight & Analysis -10/31/2016

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U.S. CLOs posted their best month since June 2015 with issuance of $8.4 billion in October, taking year to date issuance to $54.5 billion. In addition to new issuance, much of the energy in October was focused on refinancings and resets in advance of the upcoming risk retention deadline. After the new regulation comes into effect on December 24, compliance with risk retention rules will be required for deals that refinance...

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The Art of the Add-On (Second of a Series)

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Last week we began our series on acquisitions by platform companies of private equity sponsors (“add-ons”) by examining the various roles they play in enhancing value of the underlying businesses. This week we take a closer look at how different sponsors view and implement this strategy. For many firms, it starts with management. “For us,”…

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The Pulse of Private Equity - 10/31/2016

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Secondary Buyouts Still a Primary Route for PE Sellers

335 secondary buyouts have been closed through the end of September, putting the year on pace to fall short of 2014’s tally of 482 but still third-highest of the decade. Given the impact of outliers, this year’s total secondary buyout value may not impress as much as much as those of 2007 or 2015, but it is still quite considerable. In short, private equity sellers are still utilizing fellow sponsors as an exit route nearly as avidly as they were in the past two years...

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Lead Left Interview - Tod Trabocco (Part 2)

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This week we continue our conversation with Tod Trabocco, Managing Director at Cambridge Associates LLC. Cambridge is a leading investment advisor to foundations, endowments, private wealth, and corporations worldwide. Second of two parts – View part one The Lead Left: With all the funds in the market what can private credit funds do to differentiate themselves? Tod…

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Private Debt Intelligence - 10/31/2016

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Europe-Focused Private Debt Fundraising

The Europe-focused private debt industry has enjoyed substantial fundraising success in recent years and many countries within the region have seen heightened alternative lending activity in the last decade. However, a notable decline in direct lending in 2016 YTD has contributed to a wider slowdown in fundraising activity focused on Europe throughout the year...

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