It’s become common knowledge (and maybe conventional wisdom) that PE buyers are much more disciplined today than they were in 2007. One useful comparison is the amount of PE capital spent versus the amount raised. Going back to 2011, note the correlation between the two totals and how little they deviate from one another. This suggests…
There is no shortage of yield hungry investors in the middle market however second lien volume for smaller issuers has not kept pace with demand in 2015. Year to date, middle market second lien volume has only reached $1.6 billion, which is over 70% lower than the $5.6 billion logged… Subscribe to Read MoreAlready a
Contact: Daniel Mena daniel.mena@spcapitaliq.com
Leveraged lending guidelines have set six times total leverage as the limit above which a loan would likely be criticized by examiners. Less noted by the media, but of growing interest to market players, are the components of leverage metrics; specifically, how the numerator (debt) and the denominator (cash flow) are being massaged to put…
This week we chat with Martin Fridson, chief investment officer, Lehmann Livian Fridson Advisors. Fridson is “perhaps the most well-known figure in the high yield world,” according to Investment Dealers’ Digest. His firm is a registered investment adviser based in New York City and Miami, managing investment portfolios for investors across the US. The Lead…
Back in 2010, Brazil’s finance minister Guido Mantega warned that the world was in the midst of a “currency war” in the wake of US quantitative easing. The term is now back in vogue after China made the shock decision to devalue its currency. China has a “dirty” peg against the US dollar, and the…
For the first time in at least a decade, purchase price multiples for middle market buyouts have topped the metric of their broadly syndicated counterparts. LBO Purchase Price Multiples Source: Thomson Reuters LPC
Do holding periods go down from here? For the first time since the crisis, the median holding period for private equity is heading downward. For all exits, the H1 median came in at 5.25 years, a sharp fall from the 6.12 median at year end. Companies that were… Subscribe to Read MoreAlready a member? Log