The maturation of the buyout industry View PitchBook’s 2017 Global PE & VC Fund Benchmarking Report: Part II Here To conclude our analysis of select topics grounded in fund performance data, we must discuss a topic that has become increasingly prevalent as of late: the maturation of the buyout industry and what that entails for…
Italian banks give up gains We posited after the French election that Italy was now the most likely country to trigger a material bout of political risk. Italy, of course, is no stranger to instability, having had 42 prime ministers since World War II. But it didn’t have an election scheduled for this year, with…
Primary leveraged yields tighten in May After widening in April, average yields have tightened in May, but are still above their March level. The average yield, assuming a three year term to repayment on first-lien institutional loans is 4.87% in May, down from 5.03% in April but still 20bp above the… Subscribe to Read MoreAlready
PE’s historical performance still allures in a market plagued by uncertainty View PitchBook’s 2017 Global PE & VC Fund Benchmarking Report: Part II Here Comparing the returns of different strategies is difficult enough, given the typical disparities in approach. Assessing private equity’s performance relative to that of public markets is even more challenging,… Subscribe to
The UK vs Europe: Private Debt Fundraising Europe-focused fundraising has typically been driven by vehicles based in the UK: since the start of 2010, UK-based funds have raised a cumulative €50bn in investor commitments,… Subscribe to Read MoreAlready a member? Log in here...
US Direct Lending Funds Approach $100bn in AUM The direct lending market in the US has been growing consistently since the Global Financial Crisis (GFC). Given the long-term low-interest environment, many investors have been looking for alternatives to supplement their fixed income investments, which have seen yields remain low. Direct lending, in this context,… Subscribe
Middle market lenders struggling to find yield in 2Q17 Middle market lenders with a minimum spread requirement of 500bp and above are most likely struggling to find assets in the syndicated loan market that meet their return requirements. So far in 2Q17, 77% of middle market sponsor-backed loans to hit the syndicated market have a…
Finishing strong View PitchBook’s 2017 Global PE & VC Fund Benchmarking Report: Part II Here In the prior installment of the Pulse of Private Equity, we discussed how the cyclicality of the PE industry was coming to bear, as the momentum and speed with which more recent fund vintages could return money to their investors…
BDC performance wavers in May on the back of mixed earnings The upward march of BDC share prices in 2017 seems to have come to a halt in May on the back of mixed earnings announcements for 1Q17. Rising non-accruals, earnings misses, heavy prepayments, declining yields, tough market conditions and extreme competition are all… Subscribe
Cyclicality of PE industry coming to bear? View PitchBook’s 2017 Global PE & VC Fund Benchmarking Report: Part II Here From the rhythmic ebb and flow of the tide to the mysterious circadian patterns within each human, the world is governed by cycles. When it comes to private equity investment and fundraising, multiple separate cycles…