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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.
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August 12, 2026 
Lead Left Interview - Stephen Nesbitt (Part 2)
This week we continue our conversation with Stephen Nesbitt, Chief Executive Officer of Cliffwater LLC. Cliffwater is one of the…
The Pulse of Private Equity - 3/13/2017
Longer fundraising times indicate future for PE fund managers?
The time between closing of funds was by far the longest of the decade for private equity fund managers last year, whether you looked at the median or the mean. Especially in the wake of the significant uptick in 2015 the increase is striking, and adds considerable color to the current fundraising scene. Firstly, in light of fund sizes creeping upward by and large, the simple fact that it takes longer to raise a larger fund should be noted…
Private Debt Intelligence - 3/13/2017
Private Debt Industry Assets Approach $600bn
The private debt industry has continued to grow in recent years, and as of the end of H1 2016 reached a record $595bn in assets under management. This comprises $224bn in capital available to fund managers (‘dry powder’) and $371bn in unrealized investments held by private debt vehicles. Both of these components have increased over the first half of the year, up from $216bn and $339bn respectively as of the end of 2015…
Loan Stats at a Glance - 3/13/2017
Contact: Blake Udland Blake.Udland@spglobal.com
Markit Recap – 3/6/2017
We noted last month that credit markets are still sensitive to political polls, despite doubts about their accuracy.
In particular, sovereign cds in Western Europe was responding to polls showing National Front leader Marine Le Pen surging ahead in the race to become France’s next president. Le Pen has stated that she is in favour of leaving the EU under the current framework, so it was no surprise to see France’s spreads widen when she took the lead in the polls.
But it was the behavior in the “ISDA basis” – the difference between sovereign CDS trading under 2014 and 2003 definitions – that caught our attention. Before Le Pen’s surge in popularity, the basis was stable at around 3bps. After her gains in the polls, the basis increased to 23bps in the final week of January…
Covenant Trends - Average Starter Basket / Equity Contribution to LBO
Average Starter Basket / Equity Contribution to LBO
More middle market lenders expect to meet lending goals in 2017
More middle market lenders expect to meet lending goals in 2017
Middle market lenders’ outlook has changed a bit after coming off of a year where competition intensified and the majority of banks surveyed along with half of nonn-banks reported falling below lending goals. But, according to Thomson Reuters LPC’s most recent survey, the share of those who expect to fall short again in 2017 is much lower. Only one third of banks and one fifth of non-banks don’t expect success, stating that continued competition and aggressive structures will hold them back…
Lead Left Interview - Stephen Nesbitt
This week we chat with Stephen Nesbitt, Chief Executive Officer of Cliffwater LLC. Cliffwater is one of the largest alternatives…
Shock Absorbers
Last year’s downturn-related worries caused bond price and yield swings, while private credit remained relatively insulated from market moves.
Demand for PE exposure to slacken eventually?
Demand for PE exposure to slacken eventually?
In 2016, 87.6% of private equity funds that closed in North America and Europe hit or exceeded their targets. Even compared to the heights of 2014 and 2015, that figure represents a clear high of the decade, and, moreover, the extent to which limited partners of multiple types are eager for exposure to the PE asset class. Given that 356 funds closed in 2016—a lower tally than observed in any of the three preceding years—but the average fund size soared to nearly $765 million…
Private Debt Intelligence - 3/6/2017
Investor Views on the Key Macroeconomic Factors Affecting the Private Debt Industry
Institutional investors currently hold the private debt industry in extremely high regard, with 93% of respondents surveyed by Preqin at the end of 2016 stating that their investments had either met or exceeded their expectations in 2016. However, investors will be keeping an eye on the macroeconomic factors that affected their portfolio in 2016 and are likely to make an impact in 2017…
Private Credit vs. Public Debt (Second of a Series)
In this series we are examining the characteristics of public debt, such as high yield bonds, compared with those of…