Robust loan fund flows in April top US$4bn Loan mutual funds recorded US$1.06bn in inflows last week, its third consecutive week of US$1bn+ inflows and 15th consecutive week of positive flows, according to data from Refinitiv Lipper. April’s results follow 1Q21 volume of US$14.074bn, the highest quarterly total since 3Q13…. Subscribe to Read MoreAlready a
Investors put faith in senior debt Fundraising may be a struggle for some, but for those with senior debt strategies the outlook is somewhat brighter. In last week’s edition of PDI Picks, we brought you our global private debt fundraising figures for the first quarter of this year. If you recall, they showed a still…
Record levels of dry powder pressure PD returns A rise in inflation and ongoing asset purchases from central banks will make it harder for private debt funds to deploy dry powder in the future, raising the prospects of increased competition and lower returns…. Subscribe to Read MoreAlready a member? Log in here...
At $2.3B, Calypso’s record unitranche demonstrates larger capacity for jumbos The $2.3 billion unitranche loan supporting Thoma Bravo’s acquisition of Calypso Technology has set a new record for size, but what’s even more notable is that the credit was assembled as new issue, not incrementally, like other recent unitranches that crossed the $2 billion threshold…
A rebound in fundraising Download PitchBook’s Report here. Fundraising is rebounding, according to PitchBook’s latest US PE Breakdown Report. 97 funds closed in Q1 totaling $88.5 billion, though more than half ($45.6 billion) of that dollar amount went to three massive funds raised by Silver Lake, CD&R and New Mountain Capital. At the other end of…
Exit ramps remained open in Q1 Download PitchBook’s Report here. US PE exit activity continued its tear in Q1, according to PitchBook’s latest US PE Breakdown Report. Another $162 billion worth of exits was offloaded to start the year, not far off the record-setting fourth quarter of $176.3 billion. That adds up to $338.3 billion, more…
Mega deals feature in crowded private debt market One of the major trends of 2020 in private debt was an uptick in mega deals, which are classed as those that are part of $1bn+ transactions. Although the number and value of PD deals declined in both 2019 and 2020… Subscribe to Read MoreAlready a member?
1Q21 US sponsored loan volume third highest on record Private equity sponsors returned to the loan market in 1Q21 to clear US$196.5bn through retail syndication, the highest quarterly total since 2Q18 and the third highest on record. At US$128bn refinancings represented 65% of the 1Q21 sponsored loan calendar as issuers tapped lenders for repricings and…
Fundraising still lagging – for now Private debt fund managers are still struggling to attract investor commitments, but the asset class looks well placed going forward. The numbers are in – and provide disappointment for anyone hoping for a rapid turnaround in the fortunes of private debt fundraising. As can be seen from the chart…
CLO AUM ends 1Q21 at US$765bn, up 4.7% QoQ Driven by robust activity in the US CLO market, CLO AUM ended 1Q21 at US$765bn, up 4.7% quarter over quarter. March 2021 represented the sixth consecutive month of increasing AUM. CLO new issue volume had its fastest start to the year on record, closing 77 new…