Mega-funds on the Comeback For a preliminary peek at second quarter PE numbers in PitchBook’s upcoming Breakdown Report, please refer to the linked infographic. Through the first half of the year, mega-funds of $10 billion or more in size have made a strong comeback in the U.S. and Europe. Five such private equity funds have already…
Private Debt Fundraising Momentum Fades in Q2 The closed-end private debt fundraising market saw 26 vehicles reach a final close in the second quarter of 2017, securing a total of $16bn in investor commitments. Preqin expects these figures to rise by up to 10% as more information becomes available,… Subscribe to Read MoreAlready a member?
Senior Financials trading tighter than Corporates The fate of corporates and the banks that serve them is intertwined; that much is clear from the past decade. But though the correlation is close, it’s certainly not one-to-one. … Subscribe to Read MoreAlready a member? Log in here...
1H17 US Syndicated loan volume hits record high at over US$1.2Tr US syndicated loan issuance hit a new milestone in 1H17 to mark the highest half year total on record at over US$1.2T (an additional US$21.6bn of clubbed loans also worked their way through the market to bring US corporate issuance to nearly US$1.4Tr in…
Public Pension Funds in Private Debt Public pension funds are among the most important institutional investors active in the private debt asset class. They comprise some of the largest and most influential limited partners,… Subscribe to Read MoreAlready a member? Log in here...
Global PE Buyout Multiples and Deal Flow View PitchBook’s 2017 Analyst Note: Where can PE firms find attractive valuations? Here Global buyout activity has gradually surpassed median EBITDA levels following the financial crisis. Creeping up to 10.2x on the eve of the crisis, LBO valuations have oscillated in the 8x-9x range dating back to 2010,…
Italian bank sub paper now worthless We noted last week that investors need to be aware of idiosyncratic risk and not be lulled into complacency by the languid market conditions. Monetary policy surprises were also highlighted as potential events that could disrupt the somnolent summer…. Subscribe to Read MoreAlready a member? Log in here...
Large Corporate LBO Leverage Jumped in 2Q17 to 6.4x Leverage levels on large corporate LBO deals closed in 2Q17 has reached the highest level tracked since 4Q14. Leverage averaged roughly 4.84 times first lien by 6.39 times total debt to EBITDA this quarter for broadly syndicated LBO deals,… Subscribe to Read MoreAlready a member? Log
Digesting Elephants: What Happens Next with SBOs? View PitchBook’s 2017 PE & VC Exits Here Secondary buyouts have been artificially propped up by the inflated volume of crisis-era investments for the past few years. “Like a snake digesting an elephant’s worth of assets,” as Bain & Co. phrased it, PE deals made from 2005 to 2008…
North America Real Estate Debt Closed-end private debt fund servicing the real estate market have grown in prominence in recent years, as investors seek to participate in a sector which offers an attractive risk/return profile, and strong overall performance. The bulk of this… Subscribe to Read MoreAlready a member? Log in here...