What goes up… 2017 was one heck of a fundraising year that saw stratospheric amounts of capital raised. 2018 will be a regular one. PDI private credit fundraising numbers for the first six months of the year fell by nearly half compared to the same time last year, plummeting from $111.96 billion to $59.81 billion,…
Distressed Europe Overall fundraising for private debt in Europe has taken a plunge in 2018, but distressed strategies are bucking the trend. With only just less than $11 billion raised for private debt investment in Europe so far this year (at the time of publication), fundraising activity in the region is a far cry from…
Trending European Senior debt is finding a home in a rapidly maturing private credit market. All eyes have turned to Europe for senior debt fundraising with the bulk of funds investing at the top of the capital structure targeting the continent. Of the $78.63 billion credit managers are seeking for senior funds, some $39.15 billion…
Can Asia Pacific make a breakthrough? The region has been characterized by modest overall fundraising totals boosted by occasional mega-funds, but there is hope that this year may be different. Looking at fundraising data for the Asia-Pacific region over the last four-and-a-half years does not appear to provide much encouragement: 2015 saw almost $8.5 billion…
A direct way forward More limited partners are going straight to businesses to invest and it brings benefits to managers and borrowers. The Alaska Permanent Fund Corporation has joined a growing number of limited partners doing direct credit investing, as the sovereign wealth fund announced it was creating a $1 billion portfolio for the effort…
Asia-Pacific: Down but not out The weak first quarter of fundraising is not necessarily a harbinger of things to come. Fundraising for Asia-Pacific funds in the first quarter was slow – as it has been historically – but the region may be poised to increase its fundraising total, according to PDI data. Across 2016, 2017…
Fewer managers collecting more of the capital Private credit vehicles seeking capital fell from the record level reached in the first half of 2017. The number of private debt funds raising money has fallen slightly from a record number at the middle of last year but it remains strong; as of 31 March, there were…
Moving up in the real estate world The total raised for senior debt so far in 2018 signifies a jump from previous years. The growth in real estate debt is just one of the many story lines in the expansion of private credit, and senior debt in that sub-strategy seems to be having its moment…
The decline of global distress? Investors are flocking to North America, particularly for distressed debt; the geography made up an outsized portion of the total capital raised for the strategy in the first quarter. The fundraising pendulum may be swinging back to North America, as we wrote several weeks ago, and that shift is particularly…
Two market views Managers may be putting resources and strategies behind a bearish view of the market. Senior debt and distressed debt fundraising totals were neck and neck in the first quarter, according to PDI fundraising data. Private debt funds closed on $37.1 billion in the first quarter, and those targeting the top of the…