Investors stick with tried and trusted North America and direct lending are more in favour than ever, PDI’s LP Perspectives survey discovered. In this column last week, we reflected on some of the headline findings from our LP Perspectives survey, which obtained the views of 117 institutional investors on the current state of private markets….
Daily Analytic: US BSL CLO issuance falls 23% in 2023, MM/PD CLO volume more than doubles US CLO issuance declined by 10% in 2023 to US$115.6bn, down from US$128.9bn in 2022. Notably, however, there was a marked difference in the direction of broadly syndicated loan (BSL) CLO activity compared to that of middle market/private debt…
LPs want more private debt That’s the positive conclusion arising from our latest survey of investor attitudes toward the asset class. Every year, Private Debt Investor conducts its LP Perspectives survey, in which we canvass limited partners around the world for their views on the asset class. What this year’s version tells us is that…
P.E Deal Activity Download PitchBook’s Report here. US PE dealmaking finished the year similar to how it started: still struggling to find a bottom. Q4 2023 deal value declined 22.6% YoY, although deal count appears to be firming. For the full year, deal value declined by 29.5% to $645.3 billion, its lowest point since 2017 outside…
Fitch’s U.S. Middle Market Outlook Download Fitchratings’s Report here. The distribution of middle market (MM) issuers’ Outlooks within Fitch’s portfolio stayed relatively flat in 2023 compared with 2022. Approximately 11% of MM issuers have a Negative Outlook or Watch, relatively unchanged from 2022, and a large decline from 30% in 2020. Net upgrades have hovered around…
Daily Analytic: 4Q23 syndicated middle market volume declines 16% in 4Q23 US syndicated middle market loan volume totaled US$24.6bn in 4Q23, 16% lower than 3Q23’s total and the lowest quarterly level since 3Q20…. Subscribe to Read MoreAlready a member? Log in here...
Allocations challenged, but sentiment is positive Last year saw limited partners rein back on their private credit commitments, but there’s no lack of confidence in prospects for the asset class. In 2023, limited partners were cautious about allocations to alternative assets in general – private credit may have suffered a little less than some other…
Middle-market activity: A 6-year low Download PitchBook’s Report here. Middle market buyouts are down to a six-year low, according to PitchBook’s Q3 US PE Middle Market Report. The third quarter dipped to an estimated $87.7 billion, a 13% decline from Q2 2023 and a 48% decline from the peak in Q4 2021…. Subscribe to Read MoreAlready
Fitch’s Privately Monitored Rating (PMR) Portfolio Analysis The default data is derived from Fitch’s portfolio of PMRs in the U.S…. Subscribe to Read MoreAlready a member? Log in here...
US CLO share of the institutional loan market tops 70% The US CLO market has grown by 6.8% this year, pushing assets under management (AUM) to US$1.03trn…. Subscribe to Read MoreAlready a member? Log in here...