Equity multiples increased on 3Q23 US middle market LBO deals LBO activity remains challenged by buyer and seller valuation disconnects. US middle market syndicated plus direct lending LBO volume totaled… Subscribe to Read MoreAlready a member? Log in here...
Private debt nears its ‘golden moment’ With performance data arriving now for recent private debt vintages it seems that double-digit net IRRs are within reach for many strategies tracked by Preqin…. Subscribe to Read MoreAlready a member? Log in here...
Fundraising remained weak at end of Q3 Tough market conditions, especially in Europe, saw fundraising struggle through the first nine months of the year. Fundraising has been subdued throughout 2023 and, while activity did pick up in the third quarter, it was not enough to make up for an exceptionally poor H1, with just over…
PE’s share of M&A at a high point Download PitchBook’s Report here. Private equity’s share of overall M&A is trending toward a record high, according to PitchBook’s Q3 2023 Global M&A Report. Through Q3, PE is accounting for 42% of all global M&A, about a percentage point higher than the record…. Subscribe to Read MoreAlready a member?
Fitch’s Privately Monitored Middle Market Portfolio Overview, 3Q23 Fitch projects EBITDA leverage for 2023 to be around 6.0x, down slightly from 6.3x in 2022…. Subscribe to Read MoreAlready a member? Log in here...
Tracking the number of new participants in private debt This year will see the most US first-time funds in a decade, with 35 funds closed or in market as fund managers look to capitalize on demand for private debt (PD). Most of these… Subscribe to Read MoreAlready a member? Log in here...
ABL Deep Dive: Numbers don’t tell entire story Over US$126bn in asset based loan volume was completed in 1-3Q23 which at first glance suggests record total for the first nine months of the year – something lenders are certainly not feeling. And there are several reasons for this. In 3Q23 alone,… Subscribe to Read MoreAlready
A big drop in mega-buyouts Download PitchBook’s Report here. $1B+ deals are set for a big decline this year, according to PitchBook’s Q3 US PE Breakdown. Through Q3, about $156 billion has been invested via billion-dollar deals, a far cry from the $352 billion seen last year. It’s an even further drop compared to 2021, when almost half…
U.S. Middle Market CLOs’ ‘CCC’ Exposure Rising in Third Quarter Negative rating migration has increased the average exposure to assets rated ‘CCC+’ or below to 19.4%, up 4.3% compared to 2Q23, across U.S. middle market (MM) collateralized loan obligations (CLOs) under surveillance by Fitch Ratings…. Subscribe to Read MoreAlready a member? Log in here...
What’s next for distress? PDI’s Germany Forum examined the upcoming opportunity set for distressed and special situations as a refinancing wave looms. “This is the best [distress] opportunity we’ve seen in a decade,” said a panellist at the PDI Germany Forum last week, referring to what he described as around 30 percent of the total…