A third BDC issues public equity this year, but issuance remains at 16-year low Source: Thomson Reuters LPC, Wells Fargo Securities LLC TriplePoint Venture Growth BDC, a venture capital BDC, announced it is tapping the public markets to raise follow-on equity making it only the third public BDC to raise new equity this year. The…
Largest Private Debt Fund Managers Dominate Industry The private debt industry has grown exponentially over the past decade, holding more than $650bn in assets as of the end of 2017. However, as with other private capital asset classes, the industry is seeing an increasing amount of capital being concentrated among a small number of the…
A private debt fundraising hangover The steep decrease in H1 2018 may just be a function of the incredible amount of capital alternative lenders collected last year. Private debt managers are seeking the least amount of capital six months into the year since 2015, a fact that could be reflective of the broader fundraising market…
Another record year in the making? Download PitchBook’s 2Q 2018 US PE Middle Market report here. There are many themes worth discussing in the middle market, but one trend we can’t ignore is its consistent strength over the years. On cue, 2018 is on pace for yet another record year for both counts and value,…
Middle market dominates for LBO activity with direct lenders stealing share from syndicated market New Co/New Traditions! Join us for a half day on September 12th for our 24th Annual Loans Conference. The middle market continues to remain a hot spot for LBO activity – however the numbers don’t always show it. Pre credit crisis (2004-2008), roughly…
Private Debt Assets under Management Break New Records Preqin finds that private debt assets under management have risen for the third consecutive year, reaching a record $667bn at the end of 2017. This represents a 13% increase from December 2016 when private debt assets under management had yet to hit the $600bn mark. Private debt…
Unitranche volume exploded in 2Q18 Unitranche volume hit a new high in 2Q18 since LPC began tracking this facility. 2Q18 issuance exploded to $8.67bn, up a whopping 178% from 1Q18’s low levels. Middle market lenders financed bigger deals in 2Q18 which also was a contributor to the pick up in unitranche volume. The average deal…
First-time MM fundraising hums along Download PitchBook’s 2Q 2018 US PE Middle Market report here. We discussed last week the faltering fundraising market in the overall private equity market. But like most PE-related discussions, there’s usually a discrepancy between the PE middle market and the PE market as a whole. That’s especially true when looking…
LPs going on the defensive Senior debt continues to be popular even as many investors have fleshed out their private credit exposure via their handful of favourite direct lenders. The proportion of senior debt capital raised in the first six months of 2018 hit a four-year high, according to PDI data, signifying a greater willingness…
Distressed Debt Sees Strong Performance Distressed debt has seen strong success, particularly in Q2 2018: the strategy led private debt fundraising during the quarter and the majority (60%) of investors tracked by Preqin are planning to seek out distressed debt vehicles over the next 12 months. The fund type has also seen favourable returns, even…