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Business of Private Credit: Coming Home
Much attention has been paid to the suitability of Matt Damon in the lead role as the wily Odysseus in this summer’s Christopher Nolan blockbuster.
Portfolio Construction: How PE Help
Many direct lenders only finance businesses backed by private equity sponsors. While non-sponsored strategies have benefits, the presence of an…
1H22 Leveraged volume down 31%; HY bonds off 75%, institutional loans down 61%
The US leveraged market dramatically slowed in 2Q22, completing just over US$292bn of loan and high yield bond volume to…
Midcaps Earn More
The middle market illiquidity premium persists for all but the briefest volatile periods.
Private Debt Intelligence - 7/4/2022
Distressed debt mega funds rising again [wpdm_package id=’56639′] Fundraising in distressed debt, a major private debt strategy, has been relatively…
Percentage of Loans with F&C Tranche / Pro Forma EBITDA >0.9x
(Past performance is no guarantee of future results.) Contact: Steven Miller
A fast-changing asset class
Continuing our reflections on how different dynamics are being seen across private markets. In last week’s edition of Lead Left,…
Loan Stats at a Glance - 7/4/2022
Contact: Marina Lukatskymarina.lukatsky@pitchbook.com
Jumbo volume in 1H 2022 reaches $30.8 billion to bring total tally to $86.5B
Volume in the first half of 2022 for private loans sized at $1 billion or more has reached $30.8 billion,…
What level will perpetual-life BDCs AUM reach by year-end 2022?
Perpetual-life BDCs, though few in number, have accounted for the bulk of growth in BDC assets under management (AUM) this…
Portfolio Construction: Best in Breed
“What’s the key portfolio strategy managers should employ for success?” “Diversify!” That’s how one top PM answered our question. There…
Distribution of Accordion F&C Tranche EBITDA Grower Caps (L3M)
(Past performance is no guarantee of future results.) Contact: Steven Miller
Borrowing costs for high-yield issuers ease from May highs
Source: Markit, BofA US HY Index As the market for high yield bonds briefly opened back up in June in…







Why Portfolio Construction Matters (Last of a Series)
“Broadly syndicated loans are liquid, so have high volatility that exaggerates credit deterioration,” one market observer told us recently. “The…