Loan defaults in 2023 are not predicted to match previous recessions, but a disproportionate amount will come from private equity-owned companies. Cov-lite structures should give them an upper hand in negotiations… Corporate loan defaults are slowly ticking up and are expected to rise to around 5% in the US and
Fund financing – which includes subscription lines of credit and NAV-based loans – is set to grow even as capital markets slow. A measured approach is advised… In a slower credit market, there is one form of debt financing that tends to accelerate among private equity funds. Fund finance –
Large pension fund investors have increased their allocations to private credit in memory of how the asset class performed post-global financial crisis. Last year, private credit assets under management exceeded $1 trillion for the first time. Over the next five years that figure is expected to more than double. On
The carnage in the syndicated bank market looks set to continue and the near-term liquidity of direct lenders is being squeezed. Private equity sponsors are looking for other levers to pull on their buyout financing… There is a problem in the bank market. The leveraged buyouts, or LBOs, which have
With private equity new fund commitments slowing, investors are priortising key strategies and sectors into 2023, according to the H2 Rede Liquidity Index (RLI).
A rebounding private equity market awaits investors in Central & Eastern Europe once stability returns to Ukraine, according to a new report.
Private equity GPs remain cautiously optimistic about dealmaking, fundraising and performance, according to Investec’s 12th annual GP Trends Report.
Target allocations to private credit are rising as investors remember how the asset class has performed in previous recessions, but – as in private equity – fundraising is being increasingly concentrated among a smaller number of credit fund managers.
The first priority for most newly launched funds is typically in the front office. In the back-office, new technology and outsourcing capabilities are providing comfort to them… Though fundraising may be the greatest challenge facing a new or first-time fund manager, it is often back and middle-office considerations that make
There is an oversupply of first-time VC funds with a 2022 vintage. As they struggle, managers that deployed their first funds during the recent boom will face scrutiny from their LPs… Venture capital has traditionally been a more accessible route for emerging managers seeking to launch a new private equity
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