162 exits of at least $1 billion Download PitchBook’s Report here. The US PE market enjoyed a wave of big exits last year, according to PitchBook’s just-released Annual Breakdown Report. 2021 was a blockbuster year for exits, fueled in large part by billion-dollar-plus sales. PitchBook counted 162 such exits, by far the most we’ve ever recorded,…
LP appetite strong, but some concerns are voiced Inflation and high valuations are among the factors making investors a little more uncomfortable than normal about private credit’s prospects. The release of our annual LP Perspectives study is a chance to probe LPs on their allocation strategies for the private debt market over the next 12…
Regulatory changes in Europe could stimulate PD industry The European Union has taken steps to gain the benefits offered by the Chapter 11- bankruptcies regime, shifting the focus from companies’ liquidation to protecting creditors’ rights and keeping the business afloat. The North American private debt market has always dwarfed the European market… Subscribe to Read
US leveraged loan returns advance to 5.2% in 2021, HY bonds gain 5.4% US leveraged loans wrapped up 2021 by posting a return of 0.78% in the fourth quarter, outpacing both high yield bonds (0.66%) and investment grade bonds (0.17%). In comparison, returns on the S&P500 accelerated to 10.7% in 4Q21, the highest all year….
A trillion-dollar year Download PitchBook’s Report here. The US PE market topped $1 trillion for the first time, according to PitchBook’s just-released Annual Breakdown Report. 2021’s $1.2 trillion performance was more than 50% higher than the previous record. Deal volume also spiked, with 8,624 transactions altogether. That’s also a new record – the US market had…
Direct lending most popular PD strategy of 2021 Private debt funds reached an average 120% of their target size at final close last year, with a total of $195.1bn raised. Of this, 58% was raised for direct lending strategies, amounting to $112.5bn over 94 funds. The next largest strategy within the asset class was distressed…
Venture debt sets new records It’s a form of financing that’s taken a while to gain traction, especially outside of the US. But there are clear signs this is changing. Venture debt, long the province of the US and once viewed as a mere backstop along the way to growth for startups, is lately being…
Record US$1.8tr of US leveraged issuance clears market in 2021 In the absence of major market blips or deepening concerns around deteriorating credit quality, US leveraged lenders supported nearly US$1.8tr in loan and bond issuance in 2021, the highest total on record. The unabated presence of Covid-19 certainly impacted lender operations in so far as…
Predicting the year ahead Download PitchBook’s Report here. Every year, PitchBook gets into the prediction game. This year’s US Private Equity Outlook has 7 predictions, including an intriguing one for middle market software investment. 2021 set records for PE software activity – 317 deals totaling $45 billion in aggregate value. For 2022, we’re predicting 400 software…
Ways through the ESG maze Europe has seen an explosion of loans encouraging better borrower behaviour in relation to ESG issues. We look at some of the key developments so far. In the February 2022 issue of Private Debt Investor, we will be focusing on the rapid growth of ESG-linked loans in the European private…