Mixed signals for private markets A couple of surveys imply contrasting views on the attractiveness or otherwise of private asset classes. Family offices are strongly favouring private markets over public markets, according to a survey from Moonfare, a digital private equity platform, and Global Partnership of Family Offices, a UK-based association…. Subscribe to Read MoreAlready
BDC share price-to-book value ticks up but remains below recent highs BDC share price-to-book values have moved around recently in tandem with shifts in the equities market and investor sentiment. The average share price-to-book value is at 0.86x as of November 4, up from 0.76x in late September but down from 0.95x in mid-August…. Subscribe
Europe resilient, for now Download PitchBook’s Report here. PE trends in Europe are bucking trends in the United States—so far, anyway. PitchBook’s Q3 2022 European PE Breakdown recorded a 16.9% YoY increase in deal counts. Deal value was flat YoY. Both are in contrast to the US market, where 2022 numbers face the tough task of…
APAC-focused mezzanine fundraising doubles in 2022 Private debt fundraising with a focus on APAC was buoyant between 2019 and 2021, when annual aggregate capital raised stood between $9.4bn and $12.4bn. Over $8bn has already been raised so far in 2022 , of which a record $4.1bn for mezzanine funds, almost double that of 2021…. Subscribe
YTD volume up 77%; October falls just 15.3% YoY U.S. direct lending is thriving in 2022, with year-to-date volume up 77%, according to KBRA DLD. Volume recorded through October totaled $122 billion, up from $69 billion through the same period last year. By contrast, U.S. leveraged loan and high yield volumes have tanked under steep…
Priorities for the future PDI’s recent Future of Private Debt report highlighted a number of key issues raised by sources in the market. Here’s a selection of them. LPs want more flexibility in terms of fund structures: Fund managers report that investor appetite for more flexible open-ended fund structures in private debt is gathering pace….
Exit volume decline continues Download PitchBook’s Report here. Third quarter exit volume hit its lowest point since Q2 2020, according to the Q3 US PE Breakdown. So did exit value, for that matter. All told, an estimated $293 billion has been sold off this year, which actually stacks up well against prior years. 2019, a healthy…
US LBO purchase price multiples dropped in large corporate market last quarter As concerns about the potential for a recession continue to cause heightened volatility across the market, more focus is put on enterprise valuations. Last quarter, LBO purchase price multiples in the large corporate syndicated market declined to 10.8x, the lowest since 4Q18. Of…
Private debt funds continue to grow Private debt is increasingly attractive to LPs amid global inflation and rising interest rates. Year to date, the average size of private debt funds closed has increased to a record $1.3bn, almost double that of 2020’s $704mn. Aggregate capital raised by private debt funds experienced a 14% dip this…
Fundraising weathers the storm – for now Our latest data shows capital raised by private debt fund managers continues at a consistent level, despite multiple headwinds. It’s now an uncertain time for private debt fundraising as investors confront the volatility of the economic and geopolitical climate as well as, in many cases, overallocations to private…