A symbol for the PE market Download PitchBook’s Report here. Buyout multiples have barely budged in 2023 and remain above the 11x threshold, according to PitchBook’s latest Quantitative Perspectives report, The Waiting Game…. Subscribe to Read MoreAlready a member? Log in here...
Fitch’s Private Middle Market Portfolio, Rating Activity Upgrades/downgrades in Fitch’s PMM portfolio are generally skewed toward downgrades, as issuer ratings can be constrained on the upside based on limited scale…. Subscribe to Read MoreAlready a member? Log in here...
North American PD deal value in energy and utilities sector highest in five years Private debt deal activity in North America decreased in 2023 as aggregate deal value fell to $42.3bn in 2023 year-to-date (YTD) from $172.5bn in 2022…. Subscribe to Read MoreAlready a member? Log in here...
BDC credit quality continues to hold up BDC credit quality held up well across different metrics in the most recent quarter. The weighted average non-accrual rate for public and private BDCs combined slipped to… Subscribe to Read MoreAlready a member? Log in here...
Fitch’s Privately Monitored Middle Market Portfolio Overview, 3Q23 Fitch expects revenue growth to moderate to the mid-single digits in 2023 after two strong years of double-digit growth following normalization after the pandemic, given a slowing economy and limited M&A…. Subscribe to Read MoreAlready a member? Log in here...
BDC debt valuations increase in 3Q23 BDC debt valuations climbed across the board in 3Q23, with riskier debt outperforming as hopes of an economic soft landing increased…. Subscribe to Read MoreAlready a member? Log in here...
LPs remain cautious on fundraising The current environment for deal-doing in private debt appears to be strong, but there are reasons why GPs may still struggle to attract investor support. Sleigh bells may not quite be ringing yet, but at Private Debt Investor we decided that we were close enough to the end of the year to…
Private debt is the second largest contributor to private capital fundraising Private debt fund managers raised $181bn in aggregate capital, accounting for 17.2% of the over $1tn raised by all private capital funds in 2023 year-to-date (YTD)…. Subscribe to Read MoreAlready a member? Log in here...
Mega-deals down, mega-fundraising rising Download PitchBook’s Report here. Currents are crashing into each other at the biggest ranges of the PE market. A couple weeks ago we covered a sizable drop in mega-deals, first unearthed in PitchBook’s Q3 US PE Breakdown. … Subscribe to Read MoreAlready a member? Log in here...
Fitch’s Privately Monitored Middle Market Portfolio Overview, 3Q23 Interest coverage (EBITDA/interest) within Fitch’s portfolio is expected to decline toward 1.7x in 2023 as a full year of increased rates and… Subscribe to Read MoreAlready a member? Log in here...