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Private Debt Intelligence - 10/17/2016

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Private Debt: Funds in Market

Preqin’s quarterly update on the private debt industry finds that as of the beginning of Q4 2016, there are 304 funds in market targeting an aggregate $147bn globally. With few funds closing through the year to date, the marketplace has grown considerably since mid-year; there are 50 more vehicles on the road seeking an extra $6bn of investor commitments compared to the start of Q3.

Direct lending, once again, represents the largest proportion of private debt funds on the road, both by number (38%) and aggregate capital targeted (39%)...

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The Pulse of Private Equity - 10/17/2016

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Debt Usage in US M&A Remains Historically Low

Even as multiples remain stubbornly high across multiple sectors, debt usage remains low. This is primarily the result of a confluence of factors, including stricter regulations, cash-rich buyers and a general trend toward buying and building as a strategy on the part of private equity investors. In that last case, PE firms aren’t relying as much on financial engineering as they used to, looking instead to deploying more equity in deals to avoid overburdening portfolio companies with barely serviceable debt loads. Of course, that necessitates shrewd operational enhancements...

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Lead Left Interview - Steven Miller (Part 2)

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This week we continue our conversation with Steven Miller, CEO, Fulcrum Financial Data. Fulcrum publishes Covenant Review, CapitalStructure and PacerMonitor and has recently backed LevFin Insights, which was started by market veterans to report on the loan and high yield market. Second of two parts – View part one The Lead Left: Your colleague Kelly Thompson recently…

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Markit Recap – 10/10/2016

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The CDS market in September is typically dominated by one event: the semi-annual roll. The outperformance of single names observed during August was maintained in the run up to the roll on September 20, with the skew between the Markit iTraxx indices and their theoretical levels all but eliminated. However, it was business as usual…

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Lead Left Interview - Steven Miller

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This week we chat with Steven Miller, CEO, Fulcrum Financial Data. Fulcrum publishes Covenant Review, CapitalStructure and PacerMonitor and has recently backed LevFin Insights, which was started by market veterans to report on the loan and high yield market. The Lead Left: Steve, congratulations on taking on the group CEO role at Fulcrum Financial Data. Tell…

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Why Sponsors Matter (Last of a Series)

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So far in this special series we've examined the implications of lending to companies owned by private equity sponsors - and those that aren't. But there's a third category of owners that don't get much attention, and growing in importance.

So-called "fundless" sponsors - also called independent, or non-traditional sponsors - act as a hybrid of three parties. They combine the deal sourcing of investment bankers with the targeted allocation of capital by limited partners, and the expertise of GPs who perform a multitude of functions...

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