All roads lead to North America Private debt has a bias not just to fund managers based in the region but also to those investing in the funds. What was clear from our PDI 50 ranking towards the end of last year was that North America-based fund managers dominate the private debt asset class. Out…
Secondary market levels at their highest levels post-Covid Prior to the pandemic, the average bid on the Overall-Market cohort of loans was in the 97.5 context, with half of loans bid between the 98-<100 level, bids above par made up around a 35% share. By March 24, the Overall-Market average had collapsed to the 82…
Which way for PE valuations? Download PitchBook’s Report here. US PE buyout multiples went up in 2020, according to the 2020 Annual US PE Breakdown. At 14.1x, 2020 is actually the new high-water mark, increasing almost a turn and a half over 2019’s median of 12.7x. 14.1x certainly isn’t reflective of the entire market. Many of…
Record Number of Active Private Debt Managers A record of 1,947 private debt firms are currently active. With record figures in both firms and funds, the market is becoming increasingly crowded. The number of fund managers in Europe is increasing… Subscribe to Read MoreAlready a member? Log in here...
The co-investment conundrum Investors still say there are factors hindering them from participating in co-investment opportunities. Limited partner appetite for co-investment opportunities has dropped to a three-year low as credit investors hold back from doubling up with fund managers. According to Private Debt Investor’s LP Perspectives 2021 Study, fewer than one in four LPs expect…
Growth rounds hit record Download PitchBook’s Report here. US PE growth activity hit a record in 2020 in terms of value, according to the 2020 Annual US PE Breakdown. At $62.5 billion, 2020 just leapfrogged 2018 by the dollar metric, even though volume hit its lowest level since 2013. The 810 transactions had an average deal…
Middle market non-sponsored syndicated volume was up 65% in 4Q20 Non sponsored syndicated loan volume bounced back to total US$19.7bn in 4Q20, the highest quarterly level since 4Q19. In the last couple of years, the non-sponsored middle market had been chugging along, as corporate issuers were cautious about undertaking any expansion plans…. Subscribe to Read
Record Number of Private Debt Funds in Market Private debt funds in market have reached a new record high, and there are now more find seeking for capital than ever before. The start of 2021 saw a total of 547 private debt funds on the road targeting a record $290bn in combined capital commitments…. Subscribe
Fundraising takes a dip The pandemic has taken its toll on fundraising, but the largest managers appear to be benefitting. Unsurprisingly perhaps, private debt fundraising dropped to its lowest level in more than six years during 2020 as the effects of the coronavirus pandemic hit world markets. Preliminary data from PDI’s upcoming Fundraising Report 2020…
Volume surged in December, strong M&A tone carries into first week of 2021 Direct lenders established a new high watermark for volume in December, setting the tone for an aggressive first quarter in 2021. Last month’s volume soared past every previous monthly tally since DLD launched in September 2019…. Subscribe to Read MoreAlready a member?