Strong fundraising among secondaries Download PitchBook’s Report here. Secondaries fundraising is off to a strong start in 2023, according to PitchBook’s Q1 2023 Global Private Market Fundraising Report. With $30.7 billion raised through Q1, secondaries fundraising is already two-thirds as high as all of 2022, which was a strong year itself…. Subscribe to Read MoreAlready a
Direct lending dominates private debt funds in market Despite a tough financial environment, private debt continues to attract capital. This comes as no surprise given that over 80% of investors expect to commit more or the same amount of capital to private debt over the next 12 months, according to Preqin’s Investor Outlook Alternative Assets…
In private debt, size matters Our recent review of the asset class’s progress over the last ten years noted how the average size of funds keeps on growing. One of the findings of our recent Decade issue was the rapid advance in the sizes of private debt funds. Increasing concentration of fundraising among the top…
Total leverage drops on 2023 US LBO deals So far this year, US LBO activity has been very slow. Year-to-date syndicated LBO loan volume of around US$18bn is running 70% lower year-over-year. Meanwhile, total debt to Ebitda levels on large corporate LBO deals has dropped to an average of 6.2x this year, nearly a whole…
Slowdown hits alt managers Download PitchBook’s Report here. Deal activity out of alternative asset managers is down—now, so is deal activity for alternative asset managers, according to PitchBook’s latest analyst note, Public PE and GP Deal Roundup. GPs investing in other GPs, whether they’re GP stake sales, industry acquisitions or public listings, is subdued this year….
Fundraising’s tale of two halves Looking back over the last decade reveals a phase of uninterrupted capital growth, followed by a less predictable period. Since Private Debt Investor launched a decade ago, we have closely tracked fundraising for the asset class across its evolving array of strategies. We have witnessed the meteoric rise of an…
US syndicated sponsored middle market loan volume totals US$4.3bn in 2Q23 Sponsored-related activity in the loan market has been slower in recent quarters as higher interest rates and tightening lending conditions has made it more difficult for private equity shops to execute on M&A deals. Private credit continues to take a much larger share of…
Manufacturing leads private debt deal numbers in North America Manufacturing is currently leading by number of deals in North American with private debt finance. As of June 2023, Preqin has recorded 19 manufacturing deals, leading the next largest sector, e-commerce, which has seen 11 deals completed. Aggregate deal value in the sector reached $4bn, which…
Seeking Fund VII or greater Download PitchBook’s Report here. Yet another piece of evidence about today’s fundraising challenges—more than half of 2023 dollars have been committed to funds VII or greater. According to PitchBook’s Global Private Markets Fundraising Report, 56% of PE fund closings this year have gone to the seventh, eighth, ninth or tenth funds…
US Single-B volume share increases in 2Q23 Completed US loan volume to issuers with a Single-B rating totals US$30.5bn so far in 2Q23, comprising 25% of leveraged volume. This is up from last quarter’s 22% share and is the highest since 1Q22’s 28%…. Subscribe to Read MoreAlready a member? Log in here...