Академический Документы
Профессиональный Документы
Культура Документы
Analysis
• Private debt funds raised $118.7 billion in commitments in 2017—
DYL AN COX Analyst II
dylan.cox@pitchbook.com the most of any year on record. This represents a CAGR of 20.5%
since 2009, more than 2.5x the 8.1% CAGR of private equity
BRYAN HANSON Data Analyst II buyout funds.
bryan.hanson@pitchbook.com
Dissecting the
recent explosion
2-3
in private debt
fundraising
Quantitative easing
and the “reach for 4
yield”
Post-financial crisis
5-6
regulations
Developments in
6-7
alternative assets
What does
this mean for 7
borrowers?
2 PitchBook 1Q 2018 Private Equity Analyst Note: Welcome to the Private Debt Show
$80 100
$60 80
60
$40
40
$20
20
$0 0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Source: PitchBook
1: Mezzanine instruments are subordinate to other debt on the company’s balance sheet, but generally
include warrants or other equity-like features.
$100
$80
$60
$40
$20
$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Source: PitchBook
4 PitchBook 1Q 2018 Private Equity Analyst Note: Welcome to the Private Debt Show
Post-financial-crisis regulations
Basel III
Dodd-Frank
2: Smith, Dwight. The Impact of Dodd-Frank and Capital Requirements on Commercial Lending. 3 Aug.
2016
3: For funds that held a final close in 2017.
4: Smith, Dwight. The Impact of Dodd-Frank and Capital Requirements on Commercial Lending. 3 Aug.
2016
6 PitchBook 1Q 2018 Private Equity Analyst Note: Welcome to the Private Debt Show
Private equity deal flow has ballooned in the last decade, totaling
$578.4 billion in the US in 2016. These deals, most of which are
leveraged buyouts, are dependent on significant portions of debt
financing. Thus, the need for private debt grows along with private
equity deal flow. In addition, strategic M&A has propelled to new
heights, totaling $2. 29 trillion in the US and Europe alone. These
transactions had a median debt usage of 54.5% in 2016, which
translates to more than $1 trillion in debt issuance.
Methodology
The data in this report includes all geographies and the following
fund types: bridge financing, credit special situations, general debt
(represented as “other” in the chart on page 3), direct lending,
distressed debt, infrastructure debt, mezzanine, mezzanine
captive, real estate debt, and venture debt.