Distressed debt dry powder falls as GPs put capital to work Distressed debt assets under management with a North America-focus reached an all-time high at the end of 2022, and continued high interest rates and the tougher economic environment may trigger increased activity in the segment. Between 2020 and 2022, distressed debt AUM increased by…
GP deal activity picking up Download PitchBook’s Report here. GP stakes and alternative asset M&A is picking up and features another slate of interesting deals. PitchBook’s latest US Public PE and GP Deal Roundup shows another healthy year for move-making among alternative asset managers. Control transactions are making up almost half of all transactions this year….
LBO volume to get needed boost from Worldpay & Syneos loans Syndicated LBO activity has been extremely hampered so far this year. Completed US syndicated LBO loan volume totals just US$16.1bn… Subscribe to Read MoreAlready a member? Log in here...
Private debt investment holds up in slower transactions market Private debt investment in OECD countries has seen a slight decline over the last two years. So far this year, there have been 348 reported deals with an aggregate value of $73.8bn. This is less than half of the $190.8bn invested in 886 deals in 2022,…
Is it really a golden age? Private credit has received plenty of acclaim as a well-positioned asset class for the times, but investors are not entirely void of concerns. Private debt GPs, in common with GPs across all private markets, found fundraising to be a challenging task in the first half of 2023. Our data…
GP deal activity picking up Download PitchBook’s Report here. GP stakes and alternative asset M&A is picking up and features another slate of interesting deals. PitchBook’s latest US Public PE and GP Deal Roundup shows another healthy year for move-making among alternative asset managers. Control transactions are making up almost half of all transactions this…
Canada-focused private debt financing deal value on the upturn Canada-focused private debt deal activity and value have recently picked up. So far this year there have been 16 deals, with an aggregate value of $4.1bn. This is nearly double the $2.2bn value reached over 46 deals in 2022…. Subscribe to Read MoreAlready a member? Log
US yields decline across the board in 3Q23 The US institutional loan market had a busy summer, with many issuers taking advantage of increased investor appetite. Many tapped the market for refinancings or repricings, as spreads and OIDs tightened, leading to lower yields across the board…. Subscribe to Read MoreAlready a member? Log in here...
Taking your PIK The influence of the payment-in-kind option in private debt transactions is on the rise. There was a time when a company seeking a payment-in-kind (PIK) option was a surefire sign of trouble. Think of the credit bubble that led to the global financial crisis…. Subscribe to Read MoreAlready a member? Log in
Fitch’s Private Middle Market, Model-Based Credit Opinion (MBCO) Portfolio, 2Q23 Fitch’s privately covered middle market (MM) portfolio is comprised of generally smaller issuers (with average EBITDA of $51M, average revenue of $275M and average debt of $299M). The portfolio comprises of issuers in the b+* to c* range (asterisk denotes Credit Opinion)…. Subscribe to Read