We resume our discussion of the private equity liquidity crunch and its impact on fundraising, this time from the LP’s perspective. The supply/demand imbalance in the fundraising environment has shifted to favor LPs. This gives them greater GP access, longer diligence windows, and more negotiating power with LPA terms. But many LPs, their investment programs […]
Direct lending the driver of private debt growth in Europe Read more in Preqin’s ‘2025 Global Report: Private Debt’. Since the Global Financial Crisis, direct lending AUM has grown at a faster rate than other private debt strategies in Europe, such that it now comprises more than two-thirds of private debt AUM (67.3%)…. Subscribe to
Source: VanEck BDC Income ETF, BofA Merrill Lynch US High Yield Effective Yield The blue line in the chart is the current dividend yield of the *VanEck BDC Income ETF (currently at 11% as of 6 January) that tracks the overall performance of publicly traded business development companies (BDCs, are lenders to privately held middle-market businesses…
2024 Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthal eric.rosenthal@kbra.com
Launched Volume Source: LevFin Insights New-issue Yields Source: LevFin Insights Weekly Fund Flows Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenbergrobert.polenberg@levfininsights.com
Percentage of Loans that Allow Uncapped Synergies & Cost Savings EBITDA Adjustments, Sponsored vs. Non-Sponsored (LTM) (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
North America Private Credit Downgrades to Moderate in 2025 Click here to learn more. Join Fitch for the upcoming Outlook panel: Credit Outlook 2025 Private Credit Rating downgrades and default rates for Fitch’s North America Privately Monitored Ratings (PMR) portfolio could stabilize in 2025…. Subscribe to Read MoreAlready a member? Log in here...
Global PE deal activity Download PitchBook’s Report here. Based on PitchBook’s preliminary analysis, 2024 was a rebound for global PE activity…. Subscribe to Read MoreAlready a member? Log in here...
2024 US M&A loan volume up nearly 40% year over year off low 2023 base US lenders committed to US$337.5bn in M&A loan volume in 2024, an increase of 40% compared to the 13 year low marked by 2023 totals…. Subscribe to Read MoreAlready a member? Log in here...
Performance driving LP confidence Investors are by and large happy with what private debt has achieved, even if they do have some reservations. In a column before the holidays, we reflected on preliminary findings from our LP Perspectives study showing that 58 percent of investors wanted to invest more in private debt over the next…