Private Equity & Debt Capital Markets Adjust to the New Normal

As we head into Q4 2020, the new normal in private capital markets has fully set in, generally defined by prudence and caution, albeit a work in progress.

BDC Roundtable Participants Lean Heavily on VRC’s Czapla for Guidance on Navigating COVID Fallout

Business Development Company market participants are focused keenly on valuation in the wake of the novel coronavirus and the impact on their underlying portfolio investments.

Private Credit Market Update

Private asset valuations snapped back in Q2 as the economy began to reopen, and private capital investors took concrete steps to shore up portfolio companies.

Impairment Barometer: Update Aug. 31, 2020

Observations and measures of how COVID-related events through August 31, 2020, have impacted equity market indices, adjustments to EBITDA expectations, and their influence on enterprise values by sector.

Impairment Barometer

Observations and measures of how H1 2020 COVID-related events have impacted equity market indices, adjustments to EBITDA expectations, and their influence on enterprise values by sector.

COVID-19 & Portfolio Securities Valuation

A Q2 2020 update on credit spreads and required returns.

Industry Index Discounted Spreads in Valuations

Considering the virus’ material impact on specific industries, we’ve seen a greater emphasis on secondary industry-specific loan indexes when controlling for credit risk.

COVID-19 and the Impact on Private Equity

The COVID-19 market dislocation could be compared, not only to the Great Recession, but also—inversely—to the “irrational exuberance” of the dot-com era.

Private Credit Managers Grapple with Growing Pains

As private credit manager valuation leaders scrutinize how to optimize their internal teams, they also are leveraging technology tools and third-party service providers—both domestic and offshore—to meet the demands of scale.

COVID-19: An Orderly Repricing of Risk in Private Debt

The only comparable event to the spread of the virus for modern private capital markets is the Great Recession, but there are some key differences this time.