Last week we visited our UK colleagues, clients and friends for a number of discussions around private capital. These conversations echoed similar sentiments from investors at home, with many funds building on already existing positions in both private credit and private equity. We heard about strategies, not related to timing, but rather more sophisticated approaches…
The UK has been the main source of European private debt deal volume. Source: Deloitte Private Debt Deal Tracker, Spring 2024(Past performance is no guarantee of future results.)
Feeling the pinch: loan margins and OIDs are tightening Despite a slight rebound in June, loan prices – both margins and original issue discounts (OIDs) – have continually tightened this year on the back of a record volume of deals pricing since January thanks to a surfeit of demand from investors…. Subscribe to Read MoreAlready
Source: PitchBook LCDContact: Ryan Brownryan.brown@pitchbook.com
Middle Market Survey – Were you able to lend as much as you wanted to in 2Q24? Even though middle market loan volume increased by 27% to US$67.2bn in 2Q24, many middle market lenders found sufficient opportunities hard to come by in the most recent quarter, according to LSEG LPC’s 3Q24 Middle Market Outlook Survey….
Percentage of First Lien Loans with Affected Lender Voting Protection (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Comparing Business Development Companies and Middle Market Collateralized Loan Obligations (Part 1) Click here to learn more. While the expansion in private credit has attracted widespread media attention in recent years, direct lending has been around for several decades and remains the largest segment of private credit. Two of the most prominent financing vehicles in…
Continuation-fund-related PE exit count Download PitchBook’s Report here. Looking ahead, the forces driving the recent acceleration in continuation funds remain in place. Traditional M&A and IPO exits recovered in H1 2024 but only modestly so. They remain well below historical averages relative to AUM and the 23,300 companies accumulated by PE funds in North America and…
As we discussed in our Best Practices in Private Credit series, portfolio construction is everything. With little way out short of refinancings or company sales, how these loans perform will reflect directly on investor returns, not how they trade. This puts the onus on portfolio managers to select not just the highest-quality issuers, but the […]
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