Dislocation, yes – but direct lending still rules the roost Apollo’s $12bn tie-up with Mubadala shows there’s plenty of life left in direct lending yet. Gaining momentum after a very slow start, our preliminary fundraising figures for the first half of this year show around $60 billion raised for private debt globally – around $25…
Fundraising sped up in Q1 Download PitchBook’s Report here. Somewhat expected, we found a quirk in Q1 fundraising data that should reverse soon. Funds that closed in the first three months of 2020 were wrapped up relatively quickly compared to 2019, according to PitchBook’s latest US Middle Market Report. As a whole, middle market funds that…
Refinitiv LPC’s Quarterly Lender Survey: One fifth of lenders have not heard any plans to return to the office When asked if plans are being announced for segmented re-opening of your office, 16% of lenders said no while 36% reported that plans had been announced to start after Labor Day. “We were given a questionnaire…
Crisis-vintage Funds Outperform in Europe European private debt is facing its first major test due to COVID-19. In the middle of a new crisis it’s inevitable to look back and see how it might evolve in future. The private debt industry in Europe emerged following the 2008-2009 Global Financial Crisis (GFC)… Subscribe to Read MoreAlready
Something old, something new A survey finds alternative asset firms embracing remote ways of working, but still seeing a future for office life. The “new normal” is increasingly of a remote nature, whether you like it or not. In a recent cover story in Private Debt Investor, we examined the new generation of dislocation funds…
Bid/Ask spread finally narrows to 2 points but still historically high The average bid/ask spread in the overall US secondary market finally narrowed to 2.01 points yesterday after peaking at 3.52 points on March 27 and hovering above 2 points for 3 months. Previously, the bid/ask spread fell below 3-point mark on April 27 after hovering above 3 for a month and it’s been on a slow…
Ardonagh highlights viability for large unitranches It’s not a buyout, but Ardonagh Group’s record unitranche loan of £1.575 billion highlights the viability of jumbo ‘unis’ in a cautious direct lending market. Ares Management’s direct lending platform in Europe is lead arranger on the financing, while Caisse de depot et placement du Quebec, HPS Investment Partners…
Slow start for big deals Download PitchBook’s Report here. The US middle market only saw about $7 billion worth of deals valued in the $500M-$1B transaction range in Q1. That translated into 7% of total dollars invested in the middle market, a very small ratio by historical standards, according to PitchBook’s latest US Middle Market Report….
Distressed Debt Funds are on the Raise The private debt market is very crowded and, although direct lending funds represent the largest proportion, distressed debt funds have reached new records. There are currently 60 distressed debt funds in market looking to raise capital, seeking for a combined $72bn in capital…. Subscribe to Read MoreAlready a
Is distressed best for LPs? Fundraising targeting troubled companies is gathering pace, with surveys suggesting investors are keen to jump on board. “We estimate that about half a trillion dollars across credit segments are trading at distressed levels,” said Karim Cherif and Jay Lee of UBS Global Wealth Management in a report published in mid-June….