Growth of PD funds in market accelerates in Q1 The number of private debt funds in market has been rising consistently over the past five years, but the last quarter has seen a marked acceleration. There are 592 funds in market as of April 2021, a 36% increase compared to January 2020…. Subscribe to Read
Timing is key in distressed debt The global pandemic provided another reminder that moving fast when opportunity arises is vital for managers in the space. When covid began spreading swiftly around the world early last year, a key facet of distressed debt investing was reinforced – the importance of timing. As public and private markets…
US$93.8bn of CLO issuance priced and closed in 2021 to date In another indication of robust leveraged loan market activity in 2Q, the CLO calendar continues to grow at a record pace. There has been US$148.4bn of US CLO volume recorded so far in 2021, split between US$54.6bn of new issues, US$53.3bn of refinancings and…
A good start to the year for public PEGs Download PitchBook’s Report here. The “Big Five” PE firms that trade publicly—Blackstone, KKR, Apollo, Carlyle and Ares—had an impressive start to 2021. PitchBook’s latest analyst note takes a close look at their Q1 2021 financials, which showed sustained momentum coming out of the pandemic late last year….
Remote due diligence is here to stay The challenges of life away from people and offices may have hindered private debt fundraising to an extent, but video meetings also have their supporters. Fundraising these days is a tough slog, right? Well certainly for private debt anyway, even if the still-surging private equity asset class managed…
North America dominates Q1 2021 PD fundraising North America-focused private debt managers closed 19 funds, raising aggregate capital of $18.4bn in Q1 2021, more than the other three regions combined. In comparison, the next largest region, Europe, saw seven funds raise $5.6bn…. Subscribe to Read MoreAlready a member? Log in here...
PE a growing force in M&A Download PitchBook’s Report here. Private equity is accounting for a growing share of M&A transactions. PitchBook’s just-released Global M&A Report shows that PE deals made up about 37% of all acquisitions last quarter, continuing an upward trend from the low 20s less than a decade ago. Last year PE transactions…
More deals get done with a Libor floor in April There has been a shift in the institutional market in April as more new money loans hit the market. In 1Q21, limited supply led to issuer friendly terms and low pricing. Downward price flexes dominated in 1Q21, and issuers took advantage to reprice their loans….
Distressed debt funds average largest targeted fund size Although distressed debt strategies account for only 10.1% of 592 private debt funds in market, they are targeting 19.3% of aggregate capital. Distressed debt funds have the biggest average target fund size, at $1.4bn. By contrast, venture debt funds are 7.1% of the number of funds, but…
Can Europe close the fundraising gap? Our fundraising data show North America pulling clear as the favourite investor destination. However, Europe’s relative decline may not be long-lasting. Over the last couple of weeks in this column, we have reflected on a couple of the key themes arising from our Q1 2021 fundraising data. The first…