US institutional volume wanes in wake of bank failures US institutional loan volume has waned after the failures of Silicon Valley Bank, Signature Bank and Credit Suisse rattled financial markets last month. Prior to that, institutional volume was on the rise, peaking during the week of February 27… Subscribe to Read MoreAlready a member? Log
Q1: A mixed verdict Download PitchBook’s Report here. 2023 started with mixed results. According to PitchBook’s just-released Q1 2023 US PE Breakdown, deal flow slid 9% while deal value rose about 11%. Both figures are ahead of pre-Covid levels, but post-Covid trends continue to decline…. Subscribe to Read MoreAlready a member? Log in here...
The return of distressed debt Special situations are emerging as a key fund focus in the 2023 mid-market, as managers respond to growing signs of distress driven by macroeconomic conditions. Interviewed for our PDI Mid-Market Lending Report 2023, Ed Testerman, a partner at New York-based fund manager King Street Capital Management, told us there are…
Investors expect increased opportunities in distressed debt There has been a big increase in the proportion of investors seeing distressed debt and special situations as the private debt strategies presenting the best opportunities, according to Preqin’s Investor Outlook: Alternative Assets 2023. While direct lending remains attractive and is likely to continue to be the largest…
1Q23 middle market syndicated lending dropped to US$27bn At US$26.7bn, 1Q23 middle market syndicated lending dropped to its lowest level since the pandemic. The year began on slow footing with depressed M&A activity and lower quality dealflow. Then in March the banking crisis hit, leading to a lot more caution from issuers, sponsors, and lenders….
“Newcomers” to private debt Download PitchBook’s Report here. The private debt market is attracting a lot of new players. New, but not “new” new: If Apollo raises a debut fund in a new strategy, should that fund count as a “first-time fund”? They might be considered newcomers to private debt, for example, but LPs know who…
Direct lending on the rise in Asia-Pacific The strategy is outshining distressed debt in the region, but fundraising for all types of private debt may be more challenging over the next year. Last week saw the Fairmont Singapore play host to our 2023 APAC Forum, with a record number of delegates keen to discuss the…
Looking ahead to Q2 Download PitchBook’s Report here. Q1 is drawing to a close. PitchBook’s updated US PE Breakdown will be released in about two weeks (our 2022 Annual Breakdown is available here), but in the meantime, there’s building sentiment for another down quarter. In his email this morning, Dan Primack was dripping with anticipation about…
BDC AUM climbs to US$273bn BDC market growth expectations slowed in 1Q23, with the majority of respondents (58%) in the Refinitiv LPC Quarterly BDC Survey forecasting that assets under management (AUM) will finish 2023 in the US$275bn-300bn range. Another one-third of survey participants predict that BDC AUM will end the year in the US$300bn-plus range,…
Private debt fairly valued according to investors Institutional investors believe private debt to be fairly valued, according to the latest survey for the Preqin Investor Outlook. In November 2022, 74% of respondents to the survey believed private debt was undervalued or fairly valued…. Subscribe to Read MoreAlready a member? Log in here...