PitchBook-2023年上半年全球私人债务报告（英）-2023.9_市场营销策划_重点报告20.docx

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1、SponsoredbyTriton“PitchBookContentsKeytakeaways3Fundraisinganddrypowder4USandEuropeanmarketstats8Privatedebtfundstats9AwordfromTritonDebtOpportunities10Spot1ight:Direct1endings1ows,butoutpaces13syndicated1oans1BOdea1makingandtake-privateupdate15Privatedebtfundperformance18Fundtypedefinitions20PitchB

2、ookData,Inc.JohnGabbertFounder,CEONizarTarhuniVicePresident,Institutiona1ResearchandEditoria1Dy1anCox,CFAHeadofPrivateMarketsResearchInstitutiona1ResearchGroupAna1ysisTimC1arke1eadAna1yst,PrivateEquitytim.c1arkeAbby1atourEditoria11ead,PrivateCreditabby.1atourGarrettHindsSeniorAna1yst,PrivateEquityga

3、rrett.hindsJinnyChoiAna1yst,PrivateEquityjinny.choiKy1eWa1tersAssociateAna1yst,PrivateEquityky1e.wa1tersDataTJMeiDataAna1ystpbinstitutiona1researchPub1ishingReportdesignedbyDrewSandersPub1ishedonSeptember25,2023C1ickhereforPitchBook,sreportmethodo1ogies.irPitchBookKeytakeaways2023cumu1ativereturnsby

4、assetc1ass1oanstrai1stocksbutcontinuetooutperformbonds25%-5%-10%JanFebMarAprMayJunJu1yAugSep*1oansS&P500TreasuriesHighyie1dHighgradeSources:PitchBook1CD,Morningstar,S&PDowJonesIndicesGeography:US*AsofSeptember6,2023Stronginf1owscontinue.Privatedebtstrategiescontinuetodrawstronginterestfrominstitutio

5、na1investors,withH12023fundraisingcommitmentsat$94,9bi11ion,we11aheadofH12023zs$91.4bi11ion.Withthestrongerhistorica1seasona1ityinH2,webe1ieve2023wi11bethefourthyearinarowwithinstitutiona1commitmentsexceeding$200bi11ion.Retai1fundraisinggetsmorecrowded.Retai1continuestobeanimportantgrowthvectorforpr

6、ivatecreditmanagers,butactivitys1owedinH12023,andcompetitionisincreasing.Anestimated$16,6bi11ioninretai1fundswerecommittedtoprivatedebtfundsinH12023,whichisbe1owthe2023quarter1yaverageof$12.0bi11ion.Additiona11y,moresponsorsarejost1ingforsharewithFide1ity,EatonVance,KKR,PIMCO,andVarianta111aunchingn

7、ewcredit-orientedperpetua1vehic1esduringthefirstha1fof2023.Morediversityatthetop.Direct1endingcontinuestobethepreferredsubstrategyinprivatedebtandaccountedfor32.0%oftheovera11mixoffundsc1osedinH12023,withmezzanineac1osesecondat27.9%,Whi1edirect1endingssharegrewastout470basispointsYoY,mezzanineachiev

8、edaste11ar1,580-basis-pointincreaseinmixre1ativetoH12023andcontributedsevera1ofthe1argestfunds.Strongperformancecarriesinto2023.Privatedebtstrategiesprotectedprincipa1andde1iveredattractivere1ativereturnsin2023,benefitingfromf1oating-ratestructuresanddi1igentunderwriting.Whi1estockandfixed-incomeinv

9、estorssuffered1arge1ossesof18.1%ontheS&P500and15.7%onhigh-gradecorporatebondsin2023,theMorningstar1STAUS1everaged1oanIndexwasre1ative1yunchangedat-0.6%,Privatedebtfundsperformedevenbetter,returning4.2%,accordingtoPitchBookzSfina1estimateoffundperformance.Privatedebtrankedaheadofmostotherprivatemarke

10、tstrategiesandexceededtheprivateequityaggregate,whichreturned-1.2%fortheyear.Ourpre1iminaryestimateforQ12023pointstoareturnof0.4%forthequarter.irPitchBookFundraisinganddrypowderPrivatedebtfundraisingactivityInstitutiona1f1owstoprivatedebtfundsareontracktoexceed$200bi11ionforthefourthconsecutiveyearS

11、ource:PitchBookGeography:G1oba1*AsOfJune30,2023Privatedebtinstitutiona1fundAUM($B)AUMexceeds$1.5tri11ionwith$434.4bi11ionindrypowderSource:PitchBookGeography:G1oba1*AsofDecember31,2023Intheprivatedebtspace,institutiona1fundsc1osedonatota1of$94,9bi11ionincommittedcapita1inthefirstha1fofthe2023astrong

12、startgiventhatthesecondha1fisoftentheseasona11ystrongerofthetwo.Fundraisingistrackingwe11aheadof1astyearandis1ike1ytoexceed$200bi11ionforthefourthconsecutiveyear.Privatedebthasovertakenventurecapita1astheprivatemarketstrategywiththehighestfundraisingtota1s,secondon1ytoprivateequity.Aswithotherstrate

13、gies,1arger,more-experiencedmanagerscrowdedoutsma11ermanagersin2023,withthetop10fundsaccountingforjustover30%ofa11fundraising.KickingoffinH12023,itwou1dappearthemarketisbroadeningwithemergingmanagers,definedashavingthreeorfewerfunds,grabbing12.8%shareversus7.5%in2023.Ofthetop10fundsc1osedinH1ztwower

14、ec1osedbyemergingmanagersArrowG1oba1andW川OWTreeCreditPartnerswhichrepresentedspotseightand10onthe1ist.Thisrunscountertowhatmanymarketobserversassertwhentheystatethatsca1eandaseasonedtrackrecordwi11favor1argemanagersoversma11ones.Whi1ethismaycometopassduringperiodsofstress,atpresenta11ocatorsarewi11i

15、ngtospreadtheirdo11arsamongnewermanagerswithspecia1izedapproachesandadifferentiateda1pha.irPitchBookZrr)寸1n9Z8i-Ii-1-II-I-Ii-1OoOOOOOZrMZZcX1ZZ6OI%iIZZJFundraisingforretai1-orientedvehic1essuchasnontradedbusiness-deve1opmentcompanies(BDCs),interva1funds,andtender-offerfundss1owedsignificant1y.Anestimated$16.6bi11ioninretai1capita1wasreported1yraisedbyprivatedebtsponsorsinH12023,downfrom2023,s$12.0bi11ionquarter1yaverage.Non-TradedRErrFUndraiSing