Is it really a golden age? Private credit has received plenty of acclaim as a well-positioned asset class for the times, but investors are not entirely void of concerns. Private debt GPs, in common with GPs across all private markets, found fundraising to be a challenging task in the first half of 2023. Our data…
GP deal activity picking up Download PitchBook’s Report here. GP stakes and alternative asset M&A is picking up and features another slate of interesting deals. PitchBook’s latest US Public PE and GP Deal Roundup shows another healthy year for move-making among alternative asset managers. Control transactions are making up almost half of all transactions this…
Canada-focused private debt financing deal value on the upturn Canada-focused private debt deal activity and value have recently picked up. So far this year there have been 16 deals, with an aggregate value of $4.1bn. This is nearly double the $2.2bn value reached over 46 deals in 2022…. Subscribe to Read MoreAlready a member? Log
US yields decline across the board in 3Q23 The US institutional loan market had a busy summer, with many issuers taking advantage of increased investor appetite. Many tapped the market for refinancings or repricings, as spreads and OIDs tightened, leading to lower yields across the board…. Subscribe to Read MoreAlready a member? Log in here...
Taking your PIK The influence of the payment-in-kind option in private debt transactions is on the rise. There was a time when a company seeking a payment-in-kind (PIK) option was a surefire sign of trouble. Think of the credit bubble that led to the global financial crisis…. Subscribe to Read MoreAlready a member? Log in
Fitch’s Private Middle Market, Model-Based Credit Opinion (MBCO) Portfolio, 2Q23 Fitch’s privately covered middle market (MM) portfolio is comprised of generally smaller issuers (with average EBITDA of $51M, average revenue of $275M and average debt of $299M). The portfolio comprises of issuers in the b+* to c* range (asterisk denotes Credit Opinion)…. Subscribe to Read
Are PE valuations normalizing – finally? Although not directly comparable, contextualizing PE dealmaking metrics to broader market figures is instructive. As noted in PitchBook research for some time now, PE’s outperformance in terms of rolling one-year fund returns is finally subsiding as marking to market continues inexorably…. Subscribe to Read MoreAlready a member? Log in
Fitch’s Private Middle Market Portfolio, Rating Activity Upgrades/downgrades within Fitch’s private MM portfolio are generally skewed toward downgrades, as issuer ratings can be constrained on the upside based on limited scale. Downgrades increased sharply in 2020 due to the impacts of the pandemic…. Subscribe to Read MoreAlready a member? Log in here...
BDC assets under management top US$290bn BDC assets under management continued to climb in 2Q23 and now top US$290bn. This represents a 3.8% gain from the prior quarter and is up 13.5% in the last twelve months. Perpetual-life BDCs added US$4.1bn of assets during 2Q23, taking them to US$91.4bn…. Subscribe to Read MoreAlready a member?
Private debt fundraising rebounds in Q2 2023 After weak figures in the first quarter of 2023, private debt fundraising has rebounded to levels more closely resembling the long-term trend. In the second quarter of 2023, 42 private debt funds closed, raising a total of $56.66bn…. Subscribe to Read MoreAlready a member? Log in here...