Are PE valuations normalizing – finally? Although not directly comparable, contextualizing PE dealmaking metrics to broader market figures is instructive. As noted in PitchBook research for some time now, PE’s outperformance in terms of rolling one-year fund returns is finally subsiding as marking to market continues inexorably…. Subscribe to Read MoreAlready a member? Log in
Fitch’s Private Middle Market Portfolio, Rating Activity Upgrades/downgrades within Fitch’s private MM portfolio are generally skewed toward downgrades, as issuer ratings can be constrained on the upside based on limited scale. Downgrades increased sharply in 2020 due to the impacts of the pandemic…. Subscribe to Read MoreAlready a member? Log in here...
BDC assets under management top US$290bn BDC assets under management continued to climb in 2Q23 and now top US$290bn. This represents a 3.8% gain from the prior quarter and is up 13.5% in the last twelve months. Perpetual-life BDCs added US$4.1bn of assets during 2Q23, taking them to US$91.4bn…. Subscribe to Read MoreAlready a member?
Private debt fundraising rebounds in Q2 2023 After weak figures in the first quarter of 2023, private debt fundraising has rebounded to levels more closely resembling the long-term trend. In the second quarter of 2023, 42 private debt funds closed, raising a total of $56.66bn…. Subscribe to Read MoreAlready a member? Log in here...
Infrastructure seeks to weather the storm When the economy turns, infrastructure investment has often been seen as a safe harbour from tailwinds affecting other parts of the market. Infrastructure projects are typically long-term investments with government support, usually fulfilling essential needs which consumers cannot easily cut out of their budgets…. Subscribe to Read MoreAlready a
How are PE returns stacking up across private capital overall? Given the tumultuous market environment of the past 18 months and counting, how are the latest private capital returns looking? With preliminary data as of the end of March of this year, PitchBook’s latest performance figures help both confirm classic traits of private capital strategies’…
Private debt deal making low in H1 2023 It’s been a tough start to the year for private debt, as the number of private debt transactions dropped to its lowest level in a decade. In the first half of 2023, there were 259 deals and aggregate deal value was $38bn, allowing for a delay in…
Sponsored large corporate direct lending volume dropped 28% in 2Q23 US sponsored large corporate direct lending loan volume totaled US$12.5bn in 2Q23, 28% lower than 1Q23’s level. The US$12.5bn total represented a 17% share of overall US large corporate sponsored loan volume, its lowest share since 3Q21…. Subscribe to Read MoreAlready a member? Log in
How Might MM CLO Note Ratings Fare Amid High Rates and EBITDA Pressures? To assess the effect of higher interest rates, Fitch applied a rate of 5.5%, and 6.5% to represent a longer rate hike cycle. These rate stresses were combined with EBITDA haircuts to represent cost pressures on loan issuers as a result of…
How Have BDC Funding Profiles Trended? BDCs took advantage of strong capital market conditions moving out of the pandemic to issue record amounts of unsecured debt, which enhanced funding flexibility and extended funding durations…. Subscribe to Read MoreAlready a member? Log in here...