UK-Based Private Debt Fundraising: An Overview The UK-based private debt fundraising market witnessed a record 2017, with 22 funds securing a total of $19bn in capital, exceeding the previous record of $11bn raised by 21 funds in 2015. 2017 also marked a sharp uptick from the previous year: in 2016, 19 UK-based private debt funds…
The year 2018 marks the 10th anniversary of the collapse of Bear Stearns and Lehman Brothers and still the task of tackling “Too Big To Fail” is far from complete. On the contrary, regulation aimed at preventing taxpayer-funded bailouts is yet to be fully implemented – a fact that may come as a surprise to…
Institutional term loans spreads are back to 2007 levels Average spreads on first-lien institutional term loans have dropped to their lowest level since 4Q07. The drop has been across the board. The average spread for large corporate issuers is 320bp so far in 1Q18; this is 10bp below their 4Q17 levels and only 8bp above…
Dance with the one who brought you Download PitchBook’s Report click here. Limited partners have found plenty to complain about over the years. They aren’t high maintenance per se, but they do fuel the private equity industry, take an opportunity risk in doing so and often feel short-changed by GPs hungry for more management fee…
Investors Remain Satisfied with Private Debt In December 2017, Preqin surveyed a sample of the private debt investor community to gauge their perception of the asset class, the extent to which they felt that their private debt investments have lived up to expectations over the past year, as well as their intentions for their private…
U.S. large corporate LBOs are averaging bigger, more expensive deals so far in 2018 Register now for LPC’s 6th Annual Middle Market Loans Conference – April 25, 2018 at the NY Marriott Marquis! While it is still early in 2018, average purchase price and purchase price multiples on large corporate LBO deals have increased so far…
Four years’ worth of powder Download PitchBook’s Report click here. Much has been said about PE dry powder levels, which continue to peak year after year. Our calculations show about $848 billion of unspent buyout/growth capital across North America and Europe (as of June 30, by the way). That’s still a 22% increase over year-end…
Investors in Private Debt Private debt has maintained steady interest from investors due to its strong performance and high levels of capital distributed back to investors. There are currently over 3,100 institutional investors actively investing in private debt or considering entering the asset class. This represents an increase of 700 investors in the course of…
Italy election – markets are sanguine We noted at the end of last year that the coming 12 months would probably be low on political risk, at least in comparison to the election-packed 2017. The one highlight in Europe would be Italy’s general election, unless talks on a Brexit transition unravel spectacularly…. Subscribe to Read
LBO leverage levels continue to loosen Debt to EBITDA levels on LBO deals spanning the entire market (including broadly syndicated and institutional middle market loans) are currently averaging 6.3 times when looking on a rolling last four quarter basis. This would make it the highest post-crisis average and second only to 4Q07’s average of 6.5…