BDC assets under management reach a new high of US$315bn BDC assets under management (AUM) reached a new high of US$315bn at the end of 2023. The new record represented a 4% increase during 4Q23 and a 15% gain over the course of the year…. Subscribe to Read MoreAlready a member? Log in here...
Volatile times, but no distressed boom Capital raising for distressed and special situations strategies has remained at modest levels since hitting a peak in 2019. Fundraising for distressed and special situations strategies has remained remarkably consistent, even as the long-term effects of the covid pandemic, rising inflation, war in eastern Europe and the continuing fear…
Daily Analytic Survey: What is your expectation for middle market M&A lending in 2Q24 relative to 1Q24? According to preliminary results from LSEG LPC’s quarterly middle market lender outlook survey, a large majority, nearly 70%, of respondents think that there will be a moderate increase in M&A activity in 2Q24, compared to 1Q24. Another 26%…
LPs follow the pack Our research indicates investors are keeping faith with mainstream strategies – at least for now. Conservatism appears to be the driving force for many investors in private debt, our LP Perspectives 2024 Study suggests. When it comes to fund strategy, direct lending has long been the most favoured option for investors…
Nearly US$15bn of US LBO loan volume completed as BSL market strengthens The US BSL market has completed nearly US$15bn of loan volume backing sponsor buyout activity so far this year, up over 2.5 times year ago totals. The loan market as a whole has been more constructive early in 2024 with the buyer/seller gap…
LPs target private debt for reliable income streams Private debt investments provide LPs with reliable income streams through contractual repayments, which are particularly attractive in an uncertain macroeconomic environment. Portfolio diversification and high-risk adjusted returns were the second most common reasons cited by investors surveyed by Preqin for allocating to private debt…. Subscribe to Read
What Investors Want to Know: Middle Market CLO Manager Assessment Considerations Download Fitchratings’ Report here. Given the increased interest and overall expansion of the private credit sector, Fitch Ratings highlights key elements of its assessment of the capabilities of middle market (MM) CLO managers that are different (due to relevance) from that of a broadly…
Signs of hope in Asia-Pacific As the Middle East grows in significance as a source of capital and travel resumes post-covid, Asia-based GPs are hoping they can find backing for the region’s big investment themes. It’s an arresting statistic: by 2050, more than half of the world’s GDP is expected to be accounted for by…
Median Leverage and Coverage Fitch’s privately covered MM portfolio is comprised of generally smaller issuers (with average EBITDA of $55 million, average revenue of $296 million and average debt of $322 million). The portfolio is comprised of issuers in the b+* to c* range (asterisk denotes Credit Opinion)…. Subscribe to Read MoreAlready a member? Log
US private debt fundraising reaches US$33bn so far this quarter Private debt fundraising has continued at a consistent pace so far in 2024. LSEG LPC has tracked over US$33bn in US direct lending middle market capital raised this quarter. That number includes US$7.2bn of middle market CLO new issuance in January and February…. Subscribe to