Middle market non-sponsored syndicated volume is at US$12bn so far in 3Q21 Non-sponsored syndicated middle market loan volume is at US$12bn so far in 3Q21, already on par with the total logged in 3Q20. If the current pace continues, 3Q21’s total will be close to 2Q21’s US$29bn, which was the highest quarterly level in 3…
Bigger funds across private capital Download PitchBook’s Report here. Private capital as a whole is enjoying an enthusiastic fundraising trail. PitchBook’s latest Private Fund Strategies Report, available here, covers a range of asset classes, including PE, VC, real estate, real assets, FoF and secondaries. The data shows a pronounced uptick in fund step-ups—or the difference between…
Direct lending attracts most capital in H1 2021 Direct lending remains the most popular private debt strategy, with $14.7bn more capital raised in the first half of this year compared to H1 2020, despite a fall in the number of funds closed from 20 to 17. In distressed debt there were less than half the…
Interest grows in venture debt It’s still a relatively unknown corner of the private debt universe, but venture lending is attracting more support. Venture debt is a small but growing part of the private debt landscape looking to fund small but very high-growth companies to help them reach their next stage in development. In the…
A recovery in private debt performance Download PitchBook’s Report here. As an asset class, private debt experienced its worst performance in a decade in Q1 2020. According to PitchBook’s latest Global Private Debt Report, private debt funds fell by 7% that quarter on a pooled IRR basis, which includes both realized and unrealized changes to portfolio…
Europe outraises North America in Q2 Globally, both the number of private debt funds in market and the amount of capital targeted continued to rise through Q2 2021. North America-focused funds saw the largest number of closes over Q2 2021, with 27 funds compared to Europe’s eight…. Subscribe to Read MoreAlready a member? Log in
The new era of the supersized loan A recent financing underlines the ever-larger amounts of capital that the biggest private debt managers are now able to deploy. When Ares Management announced a loan to RSK Group, the UK-based environmental and engineering business, earlier this week, most of the attention was focused on the sustainability angle….
2021 Leveraged loan issuance at US$722bn, up 63% YoY As the delta variant threatens to destabilize US economic activity via a possible 4th wave the leveraged loan pipeline has seen an uptick as issuers move to bring deals to market before Labor Day. Over US$224bn of leveraged deals hit the pipeline in July, of which US$66.3bn…
Crowded markets continue in Q2 Both the number of private debt funds in market and the amount of capital targeted have continued to rise through Q2 2021. Since January 2017, the number of funds raising and capital targeted have more than doubled from 265 funds raising $118bn in 2017 to 651 funds raising $295bn by…
Private debt fundraising keeps pace Download PitchBook’s Report here. Globally, private debt fundraising had a strong start to the year. According to PitchBook’s just-released Global Private Debt Report, 81 new funds have closed so far this year, worth a combined $72.5 billion. Direct lending continues to be the standout strategy, contributing $33.5 billion to the total….