Investors in Private Debt More Cautious in Q2 2019 Analysing the fund searches that private debt investors make, we can gain some idea of what demand for various fund types and regions will look like in the coming months. Comparing what investors were looking for in Q2 2019 to a year ago, the scenario has…
Massive mezzanine lenders: the few, the proud While this year’s sluggish junior debt fundraising numbers partially reflect the hollowing out of mid-market mezzanine investments, they also illustrate big firms getting bigger. Mezzanine debt fundraising is off to a slow start this year, according to PDI data, once again showing the strategy’s reliance on mega-funds to…
PE firms boosting retail’s omnichannel strategies PE’s track record in retail has come under some hefty scrutiny of late. And buyout shops are taking the hint. At just over 40 deals closed through H1, PE firms are set to complete the fewest retail transactions since at least 2013. Although the headlines are hard to ignore,…
PE accounts for almost 40% of M&A Coming soon Download PitchBook’s Report here. PE-led acquisitions accounted for almost 40% of M&A volume in H1. That’s a remarkably high share for the asset class, which has historically led less than 30% of all acquisitions. The percentage has been creeping up over the past few years, according to…
North America dominates private debt fundraising once again The continent, where the plurality of private debt capital is being sought, highlights both the mature alternative asset markets and the fragmented nature of the European market. North America has once again stolen the geographic spotlight in private debt; more than 45 percent of the total capital…
PE sponsors ramp up delay draw term loans in the U.S. middle market Over the last few years, sponsors have been ramping up the amount of delay draw term loans within their middle market M&A transactions. In 2Q19, LPC tracked US$3.1bn in delay draw term loan volume within middle market sponsored finance which is the…
Private Debt Dry Powder Falls in Q2 The available capital held by private debt fund managers fell in Q2, reflecting the slower pace of fundraising. Having grown from $278bn at the end of 2018 to $286bn at the end of Q1, dry powder fell to $269bn in the three months to the end of June….
Deals with no LIBOR floor or 0% floor decline slightly in July Libor rates have been on the decline this year. As of July 24, the 3-month Libor rate was 2.27%, 54bp below its 2018 year-end level. So far in July, the average Libor rate is 2.3% down from 2.51% in 2Q19. And investors might…
An energy boost for infrastructure debt The strategy has plenty of supporters in the investor community, as the latest PDI fundraising figures demonstrate. Private debt fundraising is going strong – but, proportionally, infrastructure debt fundraising is going even stronger. In our recently released global fundraising figures for the first half of this year, PDI revealed…
Private markets grow in size, importance Private market strategies are growing and will continue to grow for the foreseeable future. PitchBook heard from 101 institutional limited partners as part of a new survey report (Private Markets: A Decade of Growth) to see where LPs are allocating their money in the near-term. Two-thirds said they’d be…