Fitch’s Privately Monitored Middle Market Portfolio Overview, 3Q23 Fitch expects revenue growth to moderate to the mid-single digits in 2023 after two strong years of double-digit growth following normalization after the pandemic, given a slowing economy and limited M&A…. Subscribe to Read MoreAlready a member? Log in here...
BDC debt valuations increase in 3Q23 BDC debt valuations climbed across the board in 3Q23, with riskier debt outperforming as hopes of an economic soft landing increased…. Subscribe to Read MoreAlready a member? Log in here...
LPs remain cautious on fundraising The current environment for deal-doing in private debt appears to be strong, but there are reasons why GPs may still struggle to attract investor support. Sleigh bells may not quite be ringing yet, but at Private Debt Investor we decided that we were close enough to the end of the year to…
Private debt is the second largest contributor to private capital fundraising Private debt fund managers raised $181bn in aggregate capital, accounting for 17.2% of the over $1tn raised by all private capital funds in 2023 year-to-date (YTD)…. Subscribe to Read MoreAlready a member? Log in here...
Mega-deals down, mega-fundraising rising Download PitchBook’s Report here. Currents are crashing into each other at the biggest ranges of the PE market. A couple weeks ago we covered a sizable drop in mega-deals, first unearthed in PitchBook’s Q3 US PE Breakdown. … Subscribe to Read MoreAlready a member? Log in here...
Fitch’s Privately Monitored Middle Market Portfolio Overview, 3Q23 Interest coverage (EBITDA/interest) within Fitch’s portfolio is expected to decline toward 1.7x in 2023 as a full year of increased rates and… Subscribe to Read MoreAlready a member? Log in here...
Equity multiples increased on 3Q23 US middle market LBO deals LBO activity remains challenged by buyer and seller valuation disconnects. US middle market syndicated plus direct lending LBO volume totaled… Subscribe to Read MoreAlready a member? Log in here...
Private debt nears its ‘golden moment’ With performance data arriving now for recent private debt vintages it seems that double-digit net IRRs are within reach for many strategies tracked by Preqin…. Subscribe to Read MoreAlready a member? Log in here...
Fundraising remained weak at end of Q3 Tough market conditions, especially in Europe, saw fundraising struggle through the first nine months of the year. Fundraising has been subdued throughout 2023 and, while activity did pick up in the third quarter, it was not enough to make up for an exceptionally poor H1, with just over…
PE’s share of M&A at a high point Download PitchBook’s Report here. Private equity’s share of overall M&A is trending toward a record high, according to PitchBook’s Q3 2023 Global M&A Report. Through Q3, PE is accounting for 42% of all global M&A, about a percentage point higher than the record…. Subscribe to Read MoreAlready a member?