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The Pulse of Private Equity - 10/10/2016

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Sustained High Multiples Contributing to Deal Values in the US Lower Middle Market In a recent Lead Left column, we observed that median enterprise value/EBITDA buyout multiples for businesses with EVs of under $25 million were quite high, at 6.13x in 2Q 2016. Coupling that with yearly deal flow figures for the US lower middle…

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Private Debt Intelligence - 10/10/2016

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Private Debt Fundraising Remains Low in Q3 2016 Preqin’s Q3 update on the private debt fundraising market finds that the quarter marked a further slowdown in the levels of capital secured by managers in the space, as 2016 continues to see a far reduced rate in fundraising activity from recent years…. Subscribe to Read MoreAlready

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Markit Recap – 10/3/2016

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Numerous press articles in recent years have predicted the death of single name CDS. Onerous capital requirements, costly changes in market structure and alternative hedging tools have all been cited as factors driving the inexorable decline in the product. No one could deny that CDS activity has dropped sharply from its pre-crisis heyday. But the…

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Why Sponsors Matter (Fourth of a Series)

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Given all the benefits of having a private equity firm as your partner, why would you even finance a company without one? We put that question to Brett Hickey, the CEO of Star Mountain Capital, who specializes in this sector. “There’s a lot of hype around non-sponsored transactions,” he told us. “It’s definitely buyer beware….

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Chart of the Week: Off Season

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Second quarter non-sponsored loan volume was down 5% from the first quarter but off sharply from the second quarter last year. Source: Thomson Reuters LPC