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Private Credit Defaults 101: Back to School
As Labor Day approaches, the unofficial end of summer is upon us. But, before we get too sad, there is also the familiar back-to-school energy.
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…
Private Debt Intelligence - 6/27/2022
Direct lending funds increasing in size [wpdm_package id=’56339′] Direct lending has seen strong fundraising momentum over the past decade, with…
On the minds of limited partners
Our upcoming Fund Leaders’ Survey provides a glimpse into what investors are thinking about the key issues of the day.…
Value Shopping
Recent concerns about rising rates and a possible recession has weighed on public equity multiples.







Why Portfolio Construction Matters (Third of a Series)
Many direct lenders have oriented their platforms around financing only businesses backed by private equity sponsors. While non-sponsored strategies have…