Big firms hardly ever fail Download PitchBook’s Report here. PitchBook’s latest analyst note, “Risks and Returns in GP Stakes Investing,” takes a granular look at the burgeoning market for GP stakes. While there are many reasons to invest in smaller PE funds as a limited partner, the research shows that buying stakes in the GPs themselves…
3Q20 US loan volume lowest since 1Q10; 1-3Q20 down 29% y-o-y Against the backdrop of a second quarter that saw GDP down 30% and a relatively orderly calendar of refinancings and repayment of loan drawdowns, 3Q20 marked a surprising bounce in in the market with GDP up an expected 20-25%, a surge in the equity…
European Private Debt AUM Reaches Record High Figures European private debt AUM has shown enormous expansion in recent years. It has more than doubled since December 2014 and more than tripled since December 2012, reaching €179bn as of December 2019. However, seems that the presence of attractive opportunities has made the dry powder fall…. Subscribe
Delaying the inevitable? Many businesses may be faring better than expected but investors are worried that economic reality will catch up in the end. Listening to market sentiment at our New York Forum virtual experience 2020 last week, it was clear things could be both an awful lot better and an awful lot worse. Some…
Healthcare investment outpaces overall PE market PE activity in the healthcare space has outpaced the broader PE market since 2009. A new PitchBook analyst note, to be released tomorrow morning, chronicles the trend: tailwinds include an aging population, an uptick in global per capita healthcare spending, strong growth rates and attractive margin profiles, and a…
Libor floors remain in institutional market, but are shifting lower One of the many effects brought by the pandemic was the precipitous drop in Libor rates, which had already been in a steady decline for a while. The average 3-month Libor rate dropped almost 100bp to an average of 0.58% in 2Q20 and is at…
Private Debt-Backed Deals in Europe Despite the impact COVID-19 has had in deal activity, the European private debt-backed deal value has soared in 2020. A total of 79 deals were completed in H1 2020 (vs. 197 in 2019), for an aggregate value of €8.7bn…. Subscribe to Read MoreAlready a member? Log in here...
NPLs: Covid-19 creates new round of buying prospects The coronavirus crisis may not be as bountiful for Europe’s NPL investors as the GFC, but will offer select opportunities. Every crisis has its winners and losers and one asset class which came out on top after the global financial crisis in 2008 was European non-performing loans…
Middle market non-sponsored sydicated loan volume drops dramatically Middle market completed non-sponsored syndicated loan volume of US$7bn so far in 3Q20 is far behind the US$22bn logged in 3Q19 and is down from an already slow 2Q20. As the economy shut down due to the pandemic, activity in the non-sponsored market was very limited in…
August amped up deal flow in lower middle market; Busy season ahead Lower middle market deal flow amped up in August, with volume exceeding July as lending found its footing amid calmer secondary prices and outflows. Quarter-to-date volume overtook 2Q weeks ago. Final numbers will be available in our upcoming Quarterly Report…. Subscribe to Read