Our talented team of investment professionals regularly creates and distributes educational materials delivering timely data, perspectives, and insight on the markets and related topics. 

Third Quarter 2022 Private Capital Quarterly Review

Private Capital Quarterly | November 15, 2022

The Great Reset of 2022 has had a meaningful impact on private debt markets. Lower prices for bank loans and high yield bonds have ushered in a wave of new distressed debt funds as managers look to build war chests for a potential downturn.

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Second Quarter 2022 Private Capital Quarterly Review

Private Capital Quarterly | August 25, 2022

The second quarter saw the wildly successful premiere of Top Gun: Maverick, the sequel to the original Top Gun from 1986. In an early scene, Captain Pete “Maverick” Mitchell took an SR72 Darkstar prototype aircraft past the authorized speed of Mach 10. The plane’s inability to withstand the high speed resulted in it effectively blowing up, though Maverick ejected and safely walked away. One cannot help but wonder if the current situation in the venture capital market is similar. After years of record-high valuations fueled by what seemed to be an endless supply of capital and willingness for risk-taking, a new era of venture capital could be on the horizon.

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First Quarter 2022 Private Capital Quarterly Review

Private Capital Quarterly | May 25, 2022

The energy sector took center stage in the first quarter of 2022, as economies emerged from pandemic shutdowns, travel increased, and oil and natural gas inventories fell due to limited drilling activity by producers over the past several years. As energy-related commodity prices—e.g., oil, natural gas, gasoline—rose to multi-year highs, the world was awakened to the fact that hydrocarbons are still a necessary and critical part of the energy mix. Then, in late February, Russia’s invasion of Ukraine sparked an immediate disruption in the global energy supply chains, as countries worldwide moved to impose sanctions on Russian oil and gas. Click to learn more!

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Fourth Quarter 2021 Private Capital Quarterly Review

Private Capital Quarterly | February 24, 2022

U.S. private equity deal-making has never been hotter, and in 2021, deal volume breached the trillion-dollar threshold. This new record estimated by Pitchbook of $1.2 trillion is more than 60% higher than the pre-pandemic peak of $755 billion. This accomplishment is somewhat unexpected given the exhaustive list of challenges private equity firms faced last year.

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Third Quarter 2021 Private Capital Quarterly Review

Private Capital Quarterly | November 19, 2021

Private debt as an asset class was borne from the ashes of the Great Financial Crisis (GFC) of 2007–2008. During that period, publicly traded corporate debt traded at historically wide spreads. As took place in response to the GFC, the massive stimulus programs aimed at combating the volatility caused by COVID-19 have caused spreads for bank loans and high yield bonds to tighten materially, leading to wide illiquidity premiums for private lenders of both junior and senior capital.

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Second Quarter 2021 Private Capital Quarterly Review

Private Capital Quarterly | August 23, 2021

In 2013, venture capitalist Aileen Lee described venture-backed companies valued at $1 billion as being “rare as a unicorn.” At the time, the venture industry was emerging from a lost decade following the technology bubble bursting in early 2000 and successful and highly valued venture-backed companies were exceedingly rare, occurring less than 0.1% of the time. Today, however, unicorns are occurring with greater frequency and at significantly greater values, which has attracted the attention of investors, venture capital firms, and public investors alike. As a result, exit markets, valuations, and potential returns have been profoundly impacted.

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First Quarter 2021 Private Capital Quarterly Review

Private Capital Quarterly | May 19, 2021

Energy was one of the most negatively impacted sectors by the pandemic in 2020. By the end of the first quarter 2021, energy markets recovered and have led the market thus far in 2021. Notably, this surge is occurring at a time when many investors have abandoned energy following years of disappointing returns, along with a shift toward divesting in fossil fuels in favor of renewable energy. One trend that stands out across multiple segments of the investment landscape today is clean energy. The sector has experienced massive and unprecedented capital flows in both public and private markets—a trend which is being driven by a myriad of factors.

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Fourth Quarter 2020 Private Capital Quarterly Review

Private Capital Quarterly | February 22, 2021

Last year was tumultuous for all segments of the market, and private markets were not immune to the chaos. Like the disparate performance between asset classes and sectors witnessed in public markets, private markets also experienced varied, and sometimes surprising, impacts.

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