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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.
US Unitranche Issuance Surged Across Large-Cap and Middle Markets in 4Q23
Unitranche lending moved markedly higher in 4Q23, with volume totaling US$44.4bn, the third busiest quarter on record. The jump in…
Investors stick with tried and trusted
North America and direct lending are more in favour than ever, PDI’s LP Perspectives survey discovered. In this column last…
Buy and Cellar
With higher rates creating financing and valuation challenges, M&A has plummeted. Source: PitchBook(Past performance is no guarantee of future results.)
Loan Stats at a Glance - 1/22/2024
Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com
The Pulse of Private Equity – 1/15/2024
Global private debt Download PitchBook’s Report here. (Past performance is no guarantee of future results.)
Four for ’24 (Second of a Series)
The US economy continues to roll along. December’s labor report showed 261,000 new jobs, a vigorous uptick from the 173,000 number…
Middle Market Deal Terms at a Glance - January 2024
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
Daily Analytic: US BSL CLO issuance falls 23% in 2023, MM/PD CLO volume more than doubles
US CLO issuance declined by 10% in 2023 to US$115.6bn, down from US$128.9bn in 2022. Notably, however, there was a…
Average Free-and-Clear as a Multiple of Pro Forma Adjusted EBITDA (M&A-Related vs. All Deals)
(Past performance is no guarantee of future results.)
Loan Stats at a Glance - 1/15/2024
Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com
LPs want more private debt
That’s the positive conclusion arising from our latest survey of investor attitudes toward the asset class. Every year, Private Debt…
Stairway to Heaven
Investors benefit from – and issuers work through – higher-for-longer rates. Source: LSEG LPC(Past performance is no guarantee of…
Four for ’24 (Third of a Series)
The current brew of macro pressures and broader uncertainty have combined to fuel an intriguing effect across multiple dimensions. In…
The Pulse of Private Equity – 1/8/2024
P.E Deal Activity Download PitchBook’s Report here. US PE dealmaking finished the year similar to how it started: still struggling to…





Four for ’24 (Fourth of a Series)
Last week we wrote about the growing gap between private capital winners and losers. That will only accelerate as today’s…