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Business of Private Credit: Safety, Not Size

Even the best credit managers have loans that go bad. What separates them from everyone else is the history and experience they bring to working these problems out.

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    Loan Stats at a Glance - 4/22/2024

    Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com

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    The New Order: Leverage Finance in an Asset Management World (Last of a Series)

    Now that the liquid loan market is opening, albeit with mostly refinancings, larger issuers have more choices. This is actually…

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    Jack Ablin on the current macroeconomic landscape

    A conversation with Jack Ablin, Chief Investment Officer and Founding Partner at Cresset Capital.

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    Carveout activity rebounds: Why corporate owners are selling

    Download PitchBook’s Report here. At the same time interest rates inflected upward for PE borrowers, earnings growth inflected downward for business…

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    1Q24 ABL loan volume down 76% year over year at US$15bn

    US lenders completed US$15bn of asset based loan volume in 1Q24, marking the lowest quarterly total since 3Q20 during the…

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    Percentage of First-Lien Loans Clearing with Key Covenant Terms by Quarter

    (Past performance is no guarantee of future results.)

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    The investor view from Asia

    The need for income and the attractive risk/return profile of senior strategies are among the reasons why private debt is…

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    Private Credit vs. BSL Covenants

    How Do Covenants for Private Credit Loans Compare to Broadly Syndicated Loans? Download FitchRating’s Report here. While liability management exercises…

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    Loan Stats at a Glance - 4/15/2024

    Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com

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    Best Practices in Private Credit (Third of a Series)

    Why is portfolio construction such an important concept for analyzing private credit managers? The answer seems obvious, but it’s more…

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    No Ifs, Ands, or Cuts

    Market observers now think a rate cut at the Fed’s June meeting is unlikely.   Source: The Daily Shot(Past performance is…

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    The New Order: Leverage Finance in an Asset Management World (Fourth of a Series)

    Now that the liquid loan market is opening, albeit with mostly refinancings, larger issuers have more choices. This is actually…

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    Private Debt Intelligence - 4/8/2024

    Family offices warm to Infrastructure, private debt, and hedge funds Private equity is the main alternative asset class for family…

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    Healthcare companies made up 36% of all Chapter 11 filings in 1Q24

    Source: Debtwire Restructuring Database A guide to distress in healthcare Overall, during the first quarter of 2024, there were 35…

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    Percentage of Deals with 75+ bps MFN

    (Past performance is no guarantee of future results.)

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    Median North America and Europe PE buyout EV/EBITDA multiple

    Download PitchBook’s Report here. A quarter in 2024, PitchBook data shows that buyout multiples remain elevated. The trailing 12-month mark for…

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