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.
COVID-19 and Portfolio Securities Valuation: Understanding the Impacts on Credit Spread
While secondary indexes are good barometers of investor sentiment and market trends, the levels reflected may not fully reflect company fundamentals and deal pricing, reflecting the new normal in a COVID-19 economic environment.
Private Credit Players Taking AICPA Guidelines, Growing Market Pressures In Stride
Market participants embrace best practice guidance, adjust policies accordingly. But the AICPA’s best practices are not without challenges and intricacies for the private debt and private credit professional.
Rollover Equity: Don’t Just Take It At Face Value
Several factors, including the rights and preferences of the rollover equity compared to the private equity sponsor’s shares and the sources of deal financing, have important implications for valuation.
US Private Equity
Summary of key Q3 2019 metrics for the PE deal environment, including median PE buyout EV/EBITDA multiples.
DACH & European Capital Market Study
The latest editions of the DACH Capital Market Study and the European Capital Market Study are now available from our international affiliate partner, ValueTrust.
Valuing Private Equity & Private Debt
Private equity and private debt investors are acutely focused on new AICPA Guidance that recommends a “calibration” approach for valuing private securities.
Financial Sponsor: Private Equity
A technology company was purchased by large private equity investor. With the purchase price set, the new entity was capitalized with debt and three different types of equity securities.