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Tyranny of Dry Powder – An Update

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Partnering with top-tier private equity firms also creates alignment with more defensive, growth-oriented sectors. Not coincidentally, these businesses retain the highest purchase price multiples, thereby assuring the most conservative loan-to-value ratios. Finally, these PE sponsors and their operating partners identify secular trends in industries where roll-up strategies can build long-term value. Rather than waiting to […]

The Pulse of Private Equity – 7/8/2024

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Download PitchBook’s Report here. Revenue multiples saw a much more aggressive run-up to the peak reached in 2021 and a much faster descent thereafter. In Q1 2024, we saw initial signs of distressed selling and capitulation…. Subscribe to Read MoreAlready a member? Log in here...

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Debtwire Middle-Market – 7/8/2024

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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 10.7% as of 8 July, down 100bps from the highest level in last 12 months of 11.7% in October 2023) that tracks the overall…

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Covenant Trends - 7/8/2024

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Percentage of Loans with MFN Carveouts (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com

Middle Market & Private Credit – 7/8/2024

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PMR Portfolio Concentrated in Lower Rating Categories Click here to learn more. The PMR portfolio consists exclusively of ‘B’ category and below issuers as the companies in the portfolio generally tend to be the product of leveraging transactions such as sponsor-driven LBOs or dividend recaps…. Subscribe to Read MoreAlready a member? Log in here...

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