Performance driving LP confidence Investors are by and large happy with what private debt has achieved, even if they do have some reservations. In a column before the holidays, we reflected on preliminary findings from our LP Perspectives study showing that 58 percent of investors wanted to invest more in private debt over the next…
Top ten private debt funds hoover up 60% of capital in 2024 Read more in ‘Preqin 2025 Global Report: Private Debt’ The trend of capital consolidation in private capital continues unabated, with emerging managers finding it increasingly hard to raise funds as the vehicles raised by the most-well known and largest managers have drawn in…
NAIC Report Puts Smaller CRA Ratings Under the Spotlight Click here to learn more. At end-2023, US insurers held about USD350 billion of privately rated securities. The NAIC has adopted a proposal to contest private ratings from CRAs if their ratings are three notches higher than an assessment from the NAIC’s Securities Valuation Office (SVO)….
Oil & gas fundraising activity Download PitchBook’s Report here. Of the six oil & gas funds to close through Q3, three funds raised over $500 million. The largest fund, Carnelian Energy Capital V, raised $975 million, followed closely by EnCap Flatrock Midstream Fund V on $931 million, though this was well below its $3 billion target…
CLOs ramp to new heights in ’24, new issuance tops US$186bn thanks to bustling November US CLO new issuance totaled US$25.2bn across 54 vehicles in November, marking the busiest month of the year and the second highest monthly tally on record for the asset class…. Subscribe to Read MoreAlready a member? Log in here...
Private debt’s emerging manager problem New GPs face a tough task to attract investor interest, but there are ways of maximising prospects. It feels somewhat Scrooge-like to point it out at this time of year but, for emerging managers, goodwill appears to be in short supply. In our LP Perspectives study – to be published…
US leveraged loan issuance tops US$172bn in November, pushing ’24 issuance to record heights US leveraged loan issuance exceeded US$172bn in November, notching an 18% gain over October’s US$146bn pipeline and more than tripling last November’s deal flow of nearly US$50bn…. Subscribe to Read MoreAlready a member? Log in here...
Competition to Pressure BDCs’ Deal Terms, Credit Performance in 2025 Click here to learn more. The competitive underwriting environment for business development companies (BDCs) will continue in 2025, with spread pressure, interest rate cuts and the potential for rising non-accruals driving weaker earnings and dividend coverage metrics across the sector…. Subscribe to Read MoreAlready a
PitchBook indexes: PE funds rolling one-year horizon IRRs by size Download PitchBook’s Report here. The one-year IRR decreased back to single digits in Q1 2024, coming in at 8.7% for the asset class globally, well below its 14.2% average since 2009…. Subscribe to Read MoreAlready a member? Log in here...
Private debt popularity keeps growing Fundraising has been challenging over the last couple of years, but LPs now have the inclination and the ability to commit more capital. If you’ve been wondering whether private debt can keep its growth momentum going, there’s plenty of room for optimism to be found in our latest LP Perspectives…