Median EV/revenue multiples on PE deals below $25 million Download PitchBook’s Report here. While we do not believe the much-feared valuation reset is in the cards, we do believe the uptrend in EBITDA multiples will be disrupted as deal volumes expand, especially among PE owners selling to other PE firms…. Subscribe to Read MoreAlready a member?
Net Asset Downgrades Ease in September for US BSL CLOs Click here to download report. Fitch Ratings-rated U.S. CLOs backed by broadly syndicated loans (BSL) experienced just two net downgrades in the underlying assets – the fewest in the latest trailing twelve-month (TTM) period. The TTM period averaged about 12 net downgrades per month, but…
PE take-private deal activity Download PitchBook’s Report here. In Q3 2024, take-private deal activity plummeted from the two-year high recorded in Q2. Deal count declined from 31 to 18, and deal value plunged from $71.6 billion to $43.9 billion…. Subscribe to Read MoreAlready a member? Log in here...
US LBO Capital Structures: In world of high valuations, increased senior leverage and equity prevail in 3Q24 While pro forma leverage and equity contributions for US large cap LBO transactions have remained elevated, and continue to move higher and parallel with valuations despite higher rates, capital structures have evolved accordingly…. Subscribe to Read MoreAlready a
Munich’s key talking points Read PDI’s Report: Golden age talk tempered by concern over recent vintages Stress, pricing pressure and resilience were among the characteristics of private debt referred to in the German city. This week, Private Debt Investor was hosting its annual Germany Forum in Munich. You can read here about our coverage of…
Private debt fundraising in Europe falls despite rapid pace of deployment Read more in Preqin’s Insights+ Report: Alternatives in Europe 2024 After two record fundraising years in 2022 (€54.1bn) and 2023 (€71.0bn) for private debt, there has been a sharp decline in capital raised by Europe-based managers. In the first half of 2024, just €13.9bn…
Cushions in Collateral Quality Tests Stay Mostly Positive Click here to download report. All Fitch-rated MM CLOs include a Fitch Test Matrix as part of a CLO’s Collateral Quality Tests (CQTs) in MM CLOs, including Fitch weighted average recovery rate (WARR), Fitch weighted average rating factor (WARF), weighted average spread (WAS) and weighted average life…
Global PE deal activity Download PitchBook’s Report here. Global PE deal activity maintained a healthier tally in aggregate value even as counts dipped slightly from Q2 tallies, according to the most recent figures from PitchBook in its Global PE First Look…. Subscribe to Read MoreAlready a member? Log in here...
Record setting 1-3Q24 US sponsored loan volume tells mixed story US sponsor tapped lenders for nearly US$186bn in loan financing in 3Q24, pushing 1-3Q24 issuance levels to a record setting high of US$668bn. There were caveats to the strong results however…. Subscribe to Read MoreAlready a member? Log in here...
Hints of a fundraising revival Download PDI’s Report: Fundraising sees Q3 revival After a period of much-publicised struggles, fund managers seeking fresh capital have been given a shot in the arm by the latest figures. After a tough first quarter, private debt fundraising has picked up the pace through the rest of 2024 to end…