Private Debt Fundraising Falls in Q1 Private debt fundraising has been cyclical in recent quarters, with significant spikes in Q4 2017 and Q2 2018 failing to generate consistent momentum. The asset class has certainly not accelerated in the opening quarter of 2019: as well as the number of fund closures falling from 57 in Q4…
1Q19 Syndicated loan volume down 36% y-o-y; Weakest results in 3 years 1Q19 marked an uneven start to the US loan market calendar with less than US$400bn of volume working its way through the retail market. An additional US$61.3bn was completed via clubbed participation…. Subscribe to Read MoreAlready a member? Log in here...
LPs take issue with management fees, not carry A majority of investors have trouble justifying private markets’ fees internally, but a higher carry, lower management fee is likely an easier sell than the reverse. Fees are often the elephant in the room for limited partners and private markets firms…. Subscribe to Read MoreAlready a member?
Private equity heads west New York is the epicenter of private equity, as it has been since its beginning. Wall Street was already around when PE got its start, and the important supporting actors—namely lenders and bankers—were all a taxi ride away.The same is true for Silicon Valley and the venture industry,… Subscribe to Read
Investor Satisfaction Dims in 2019 Private debt investors remain committed to the asset class, and their overall perception of the industry is positive. But Preqin’s latest surveys find that investor satisfaction has dimmed slightly at the end of 2018, as institutions foresee challenges for the industry in the months ahead…. Subscribe to Read MoreAlready a
Economics undergraduates know that credibility is vital for monetary policy. But this fact is seemingly elusive for Turkey and their President Tayyip Erdogan. The sovereign is in the midst of yet another crisis,… Subscribe to Read MoreAlready a member? Log in here...
Take-privates are cheap sometimes That’s according to Bain & Company, which made a salient point: “Despite the run-up in equity prices, public investors often undervalue companies they don’t understand.” That’s true, and the point is emphasized as public and private equity market multiples continue to converge…. Subscribe to Read MoreAlready a member? Log in here...
Primary yields widen to highest levels since 4Q11 1Q19 yields on first-lien institutional term loans are at their highest level in over eight years. At 7.66%, the average yield assuming a three-year term to repayment on first-lien institutional term loans is 94bp above 4Q18’s already high level…. Subscribe to Read MoreAlready a member? Log in
Women in Private Debt It is well-known that the representation of women in the alternative assets industry is relatively low, but the latest research from Preqin shows that women represent just 19.1% of employees in the private debt industry in 2019…. Subscribe to Read MoreAlready a member? Log in here...
Distressed debt managers get a distressing signal Fundraising soared in 2017, but it came crashing back to earth last year, and it may not change this year. Despite all the talk of the credit cycle turning, distressed debt fundraising dollars and investors’ portfolio plans aren’t jiving with the hullabaloo…. Subscribe to Read MoreAlready a member?