Median Leverage and Coverage Fitch’s privately covered Middle Market (MM) portfolio is made up of generally smaller issuers (with average EBITDA of $54 million, average revenue of $286 million and average debt of $314 million)…. Subscribe to Read MoreAlready a member? Log in here...
With only a few weeks left to 2023, US leveraged volume lags year ago results Despite a steadier second half to the 2H23 debt capital markets, at US$856bn, leveraged issuance for 2023 lags year ago results which totalled over US$951bn…. Subscribe to Read MoreAlready a member? Log in here...
Special situations funds close over target in North America The average percentage of target size at final close for North American special situations funds has reached over 100% in 2023 year to date (YTD)…. Subscribe to Read MoreAlready a member? Log in here...
Room for improvement on ESG A group of investors noted the progress made by private debt in ESG and DEI, but there is still some way to go, they believe. Private Debt Investor’s December/January issue approached European investors to get their thoughts on how ESG is dealt with by managers. Here’s a selection of their…
A quarter of megafunds Download PitchBook’s Report here. Global fundraising is on a healthy trajectory this year, according to PitchBook’s Q3 2023 Global Private Market Fundraising Report…. Subscribe to Read MoreAlready a member? Log in here...
Fitch’s Private Middle Market Portfolio, Rating Activity Defaults in Fitch’s PMM portfolio persisted at a low level this quarter with two issuers defaulting, bringing the YTD total to 10 defaults across eight unique issuers on a portfolio including around 275 companies, although Fitch expects defaults in its PMM portfolio to increase in 2024…. Subscribe to
2023 US LBO purchase price multiples are the lowest since 2018 US LBO purchase price multiples have decreased two steps this year, to 11.2x on average, the lowest mark since 2018. At the same time, the average LBO purchase price has increased to US$4.86bn this year, the highest since the credit crunch year of 2007….
APAC takes a fundraising hit as China suffers After years of plenty, life has become much harder for fundraisers in Asia Pacific – especially for those with exposure to an ailing China. The overall trend of recent years has been for Asia Pacific private debt to gain traction among investors. In all, 32 APAC funds…
Private debt deal value in Canada rebounds in 2023 After a three-year slump, private debt disclosed deal value in Canada has nearly tripled, rising to $6.4bn in 2023 YTD from $2.2bn in 2022. Canada’s aggregate deal value grew 190% in 2023 compared to 2022, despite a 74% drop in aggregate deal value in the whole…
Fund managers will be put to the test In a challenging new environment, reporting and investing processes are likely to come under greater scrutiny. “Reputations will be made and lost in the next few years, and character will matter as much as technical brilliance,” one of a select group of investors told Private Debt Investor as we…