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| As investing becomes more sophisticated, private credit becomes more segmented |
| | PitchBook Dealmakers Column |
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As LPs look to find very specific allocations within private equity, they are also looking to deploy capital in private credit across the market to build diverse investment portfolios. Private credit has become only more attractive as an alternative avenue for allocations recently, given the levels of dry powder in more traditional PE strategies.
The challenge for institutional investors is that there’s a limited capacity of how much capital can be committed to the lower middle market because the overall investable asset pool is not as great as the larger company size market.
Click here for more analysis by Monroe Capital CEO Ted Koenig on private credit in the middle market as the industry continues to change.
This article represents the views of the author only and does not necessarily represent the views of PitchBook. |
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| | | | | | | How long will recent PE fund vintages keep returning at a fast clip? |
| | | | click to read our analysis |
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One of the ongoing narratives presented by recent PE fund returns data has been the recovery of vintages most impacted by the recession. The average DPI multiples of 2007 and 2008 vintages have benefited considerably from the past few years’ selling frenzy.
More youthful vintages haven’t missed out either... |
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| | | | | | | PE snaps up another Israeli investment manager |
| UK-based XIO Group has reportedly agreed to pay NIS1.48 billion (about $386 million) for portfolio manager Meitav Dash Investments (TASE: MTDS), a 61% premium to the company's latest share price. Meitav Dash is one of the two largest investment houses in Israel, along with Psagot, which has been owned by Apax Partners since 2009.
Meitav Dash, which manages some $32 billion for private, business and institutional clients, will continue to be led by existing management. The company has been publicly traded since 1998. For XIO Group, the acquisition is the second significant deal in Israel of the past year-plus, following the firm's purchase of Lumenis for a reported $510 million last October. |
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| Since yesterday, the PitchBook Platform added: | | 211 Deals | 1119 People | 457 Companies |
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| 2011 Vintage US Venture Funds with Retail Investments |
| | Median IRR | | | | Top Quartile IRR Hurdle Rate | | | | 1.48x Median TVPI | 1.36x Median RVPI |
| | | | *IRR: net of fees | | 41 Funds in Benchmark » |
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| Deals in Play & Announcements |
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| FIMI inks £88M deal with G4S Israel |
| | Security Services | Petah Tikva, Israel | Buyout |
| FIMI Opportunity Funds has agreed to purchase G4S Israel, a provider of security for industrial, commercial and governmental clients, from parent company G4S for an estimated NIS425 million (about £88 million) in cash. G4S Israel generated £8 million in pre-tax profits during 2015 and claimed gross assets of £56 million at the end of last year. The company’s senior management will remain intact upon completion of the sale. |
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| Flexpoint Ford unveils Purchasing Power |
| | Internet Retail | Atlanta, GA | Secondary Buyout |
| | | | | | | Audax buys part of Accent Food from Silver Oak |
| | Food Products | Austin, TX | Secondary Buyout |
| | | | | | | Hastings purchases Impact! Chemical Technologies |
| | Specialty Chemicals | Midland, TX | Buyout |
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| | | Commercial Products | Åmsosen, Norway | Buyout |
| EQT Partners has agreed to acquire AutoStore from Jakob Hatteland and other minority owners. AutoStore is the provider of an automated storage and retrieval system that uses robotics to collect goods stored in warehouses; the company anticipates NOK240 million ($28.6 million) in EBITDA during 2016. The deal is expected to close early next year. |
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| | | | | | | Maven exits Nenplas for 5x return |
| | Industrial Supplies and Parts | Ashbourne, UK | Acquisition |
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| NGP-backed WildHorse sets IPO terms |
| | Energy Exploration | Houston, TX | IPO |
| WildHorse Resource Development, a Natural Gas Partners portfolio company, plans to sell 27.5 million shares for between $19 and $21 each in an upcoming public offering on the NYSE under the WRD ticker symbol, according to an SEC filing. A midpoint pricing would raise about $550 million. The company is a developer and producer of oil, natural gas and NGL resources. |
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| | | | | | | Visa to pick up CardinalCommerce |
| | Financial Software | Mentor, OH | Corporate Acquisition |
| Visa (NYSE: V) has agreed to purchase CardinalCommerce, an ecommerce payment authentication provider. As part of the deal, co-founders Tim Sherwin and Chandra Balasubramanian will continue to lead CardinalCommerce while it operates as a Visa subsidiary. The company has counted Primus Capital among its backers since the firm secured a minority stake in December 2012. |
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