BDC Visible Loans Benchmark now bid above pre-Covid levels The BDC Visible Loans Benchmark has continued to climb higher, reaching the 93.65 level on Friday. The BDC secondary cohort comprises BDC holdings with active mark-to-market pricing by Refinitiv’s pricing service. Friday’s level was higher than the pre-Covid mark of 92.66 in January 2020…. Subscribe to
January volume soars on LBOs; Unitranche to feel broader pricing pressures January’s direct lending tally set a new high, up from the previous record in December. Momentum from the fourth quarter’s catch up rally continued to spill into the New Year, however deal flow has since decelerated to normal this month…. Subscribe to Read MoreAlready
Private debt is becoming top-heavy Download PitchBook’s Report here. Private debt funds have grown much larger over the past two years, according to PitchBook’s latest Global Private Debt Report. Larger funds naturally dominate the charts – by dollars raised, $1B+ funds accounted for almost 80% of all debt fundraising in 2020…. Subscribe to Read MoreAlready a
Record Number of Active Fund Managers in Private Debt The firms’ market is increasingly crowded with a record 1,947 private debt firms currently active. In 2020, the proportion of private debt managers active in distressed debt and special situations markets grew considerably… Subscribe to Read MoreAlready a member? Log in here...
Completing the cycle The global pandemic will give investors more visibility into how private debt performs in tough times. Private debt did not have a great time on the fundraising trail in 2020, as can be seen from our chart above. From the fundraising peak of 2017, the amount raised has declined significantly and last…
Loan fund AUM continues to grow amid large inflows in January U.S. CLO AUM ended January at $747bn, up 10.3% YoY, with 17 new U.S. CLOs totaling $8.5bn pricing last month. It was the highest January volume since 2013 and included 4 deals with a total size over $600m. Despite the pandemic, CLO AUM has…
Big slide in fundraising masks a busy year Download PitchBook’s Report here. Fundraising for direct lending vehicles hit a five-year low in 2020, according to PitchBook’s latest Global Private Debt Report. The five-year angle is for dollars raised; in terms of fund closings, the 33 that wrapped up last year were the fewest since 2012, and…
Deal Activity Continued to Decline over 2020 Private debt deal activity slowed over 2020. A total of 780 deals were completed with an aggregate value of $66bn. Both figures were down compared to 2019, when $69bn were issued across 976 deals completed…. Subscribe to Read MoreAlready a member? Log in here...
Views from the investor frontline Distress, recession and mature markets are all front of mind for LPs keeping the faith in private debt. Our latest study of investors in private debt unearthed the following findings: Distressed and special sits move into focus: As can be seen from the chart above, more than a third of…
US sponsored middle market direct lending volume reached US$71bn in 2020 According to Refinitiv LPC data, the US direct lending middle market totaled US$71bn in loan volume last year, 18% lower than 2019’s US$87bn level. Despite the lower number, the direct lending market held up better than its syndicated counterpart, where non-sponsored volume dropped 27%…