The return of the mid-market With the focus having been on larger deals last year, 2024 has seen more typical private debt activity make a comeback. After a rocky two years, mid-market M&A activity looks set to finally rebound and lenders are reporting a bullish first half of the year. With interest rates hopefully on…
Source: PitchBook LCDContact: Ryan Brownryan.brown@pitchbook.com
How challenging has it been to predict the next recession? An inverted Treasury yield curve, a reliable forecaster of the past eight consecutive downturns, has been signaling recession for almost two years. So far, the economy has failed to cooperate. While growth is slowing, and inflation along with it, expectations are broad of a solid […]
Private capital fundraising for the first quarter was predominantly for direct lending. Source: Preqin Pro(Past performance is no guarantee of future results.)
Back in October 2020 we introduced the concept of how supply and demand imbalances in private markets affects credit quality and performance. Too much capital chasing too few deals leads to overly aggressive terms – great for issuers, but for investors not so much. In the immediate aftermath of Covid, conditions were quite different than…
Mega funds exert dominance in US buyouts Read Preqin’s ‘Buyouts in North America: A Preqin Primer‘. The average size of US-focused buyout funds more than doubled from 2021 to 2023 to $750.7mn (aggregate $95.3bn), driven by a big increase in the very largest funds, according to Preqin data…. Login to Read More...
Opportunities abound: loan repricing hits historical high in 2024 Following a muted couple of years for the leveraged loans primary market, deals that include a repricing component or that are solely focused on repricing have dominated activity since the start of the year, reaching historical highs of almost USD 155bn in value in 1Q24…. Login to
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
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
Download PitchBook’s Report here. PE middle-market valuations reached their apex in 2021 and have declined sharply since. Closing out 2023, deal multiples in the middle market had declined by somewhere between 25.0% to 40.6% from their peak, depending on the yardstick used (EBITDA or revenue), and unlike the overall M&A market, there were no signs of…