Quantifying style drift An upcoming PitchBook analyst note takes a look at GP style drift. It’s an important topic but a frustrating one for LPs. Quantifying the drift is tricky. Our framework assigns style scores to the PE firms themselves over time, instead of at the fund level. We broke the style definitions into three…
Private Debt Assets under Management by Geographic Focus, 2000 – 2020 While funds focusing on North America constitute 61% of total AUM, other regions have gradually expanded their share. This is particularly the case for Europe-focused AUM, which now makes up just under 30% of the total… Subscribe to Read MoreAlready a member? Log in
A good word for private equity Download PitchBook’s Report here. A quick break this week from the usual hard numbers and trendlines. PitchBook is working with the American Investment Council on a series of PE papers, and our latest is out today. In the healthcare space, PE firms are doing a lot of good in two…
Twenty is the new 50; Cov-lite invasion continues into direct lending It’s no exaggeration that covenant-lite is invading direct lending. Market participants across the board say today’s cutoff is $20 million EBITDA, compared to $35-40 million pre-Covid, and $50 million prior to the Great Credit Crisis of ‘08. Last week DLD covered a covenant-lite buyout…
BDC NAV per share records 2% quarter-over-quarter growth in 4Q20 Most BDCs have now filed 4Q20 financials and according to data compiled from Refinitiv’s BDC Collateral, BDC NAV per share increased 2% from 3Q20. It was the third straight quarter of positive NAV per share, after the four quarters prior to that had averaged a…
Senior debt, the investor choice LPs appear to be happy taking their place at the top of the capital structure, but should not assume every manager’s approach is the same. “An all-weather strategy”. That’s how one of the panellists on an LP panel at Private Debt Investor’s Investor Day this week described senior debt. The…
Investor Views on the Fund Types Presenting the Best Opportunities in Private Debt Investors believe the best opportunities in private debt are in distressed and special situations funds. More than half (56%) of surveyed investors are backing distressed debt, up 16 percentage points on the previous year, while 48% see the most promise in special…
US CLO secondary loan bids trend higher than pre-pandemic levels Positive fiscal and monetary stimulus news coupled with improving vaccine distribution and availability continued to bolster the financial markets and have led to a robust recovery in secondary loan bids in 2021. The average bids of loans held in US CLOs moved higher this February…
The middle market had a huge fourth quarter Download PitchBook’s Report here. PitchBook’s latest Middle Market Report is now live, and the fourth quarter sure delivered. Our analysts estimate deal flow more than doubled between Q3 and Q4, from 667 deals to 1,428 deals to close out the year. Dollars invested came close to doubling as…
Women in Private Debt Across alternatives assets, the proportion of female employees rose to 20.3% by the end of 2020, compared to 19.7% in November 2019. In private debt, women account for just under a fifth (19.9%) of all employees at private debt firms…. Subscribe to Read MoreAlready a member? Log in here...