Birnbaum, Walling on Valuing Private Energy Debt and Equity in Private Funds CFO

As seen in the newest issue of Private Funds CFO, Jeff Birnbaum and Chris Walling discuss the implications of the pandemic for the sector.

Middle Market Credit Spreads and Required Returns

In Q4 2020, market participants noted improving comfort with company and industry fundamentals, outlooks, and the ability to weather a second wave of the virus.

SPAC Shares Are Not Created Equal

How do you value a SPAC? With a surge in SPAC IPOs resulting from the COVID-impacted economy, SPAC valuations should not be given equal consideration.

Private Markets Took COVID in Stride

The private equity and credit markets held up remarkably well in the face of a global pandemic and are adjusting to the “new normal.” Market participants should go into 2021 with heightened vigilance as the impacts of the pandemic may not have yet entirely played out.

John Czapla Featured in Sanne Group’s Connect November Issue

On track for recovery: Pandemic implications, not all doom or gloom.

COVID & U.S. Portfolio Securities Valuation: An update on credit spreads and required returns

In Q3 2020, secondary equity and credit markets rebounded, primary equity and levered finance markets reopened, and the price of risk declined.

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.

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.