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1、GLOBALPrivate Debt ReportSponsored by2024ANNUALScan code to learn more.PRIVATE CREDIT STRENGTHENS SMALL BUSINESSESThe American Investment Council is the premier trade association for private credit in Washington representing over 2/3 of the industry.Our private credit firms support small businesses,

2、jobs,and investors across America.Check out our website to learn more about how private credit is fueling companies across our nation,and how the American Investment Council is ensuring that more Washington decision-makers understand this essential part of our economy.32024 ANNUAL GLOBAL PRIVATE DEB

3、T REPORTContentsPitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligenceMarina Lukatsky Global Head of Research,Credit and US Private EquityInstitutional Research GroupAnalysisMarina Lukatsky Global Head of Research,Credit and US Private Equity Garrett Hinds Seni

4、or Research Analyst,Private Equity Jinny Choi Senior Research Analyst,Private Equity Kyle Walters Research Analyst,Private Equity DataHarrison Waldock Data APublishingReport designed by Megan WoodardPublished on March 18,2025Click here for PitchBooks report methodologies.Key takeaways4Fundraising an

5、d dry powder5US and European market stats12Private debt fund stats13Spotlight:2025 US Private Credit Outlook 14LBO dealmaking and take-private update17Private debt fund performance20Fund type definitions23Sponsored by42024 ANNUAL GLOBAL PRIVATE DEBT REPORTSponsored byKEY TAKEAWAYSKey takeawaysDirect

6、 lending AUM($B)Global direct lending AUM hits$678.5 billion,a 22.2%10-year CAGR$0$100$200$300$400$500$600$70020142015201620172018201920202021202220232024Remaining valueDry powderSource:PitchBook Geography:Global As of June 30,2024In 2024,private debt fundraising reached$197.1 billion,firmly establi

7、shing itself as the second-largest strategy in private capital markets behind only private equity.Notably,private debt overtook venture capital for the second straight year,driven largely by sustained demand for steady income generation and high risk-adjusted returns.Outside of institutional capital

8、,private debt is undergoing rapid growth from insurance companies and wealth management channels push into perpetual life vehicles with continuous net asset value(NAV)-based offeringsa distinct departure from traditional finite-life institutional drawdown funds.Credit strategies notably dominated fu

9、ndraising,representing 62.6%of trailing 12-month(TTM)inflows among the top seven US alternative asset managers,with around half sourced from these perpetual vehicles.Established private debt managers consolidated share,leaving emerging managersthose with three or fewer fundsstruggling with just a 6%

10、fundraising share in 2024.Asset sourcing emerged as the industrys primary concern,reflecting worries about intensifying competition and historic levels of dry powder heading into 2025,according to LCDs Global Private Credit Survey from late November 2024.This favored established platforms with broad

11、 sourcing capabilities amid persistent volatility.In addition,while private credit yields remain attractive given the elevated base rate,spreads compressed significantly in 2024 as lenders faced a crowded playing field and increased competition from the broadly syndicated market.Private debt dry pow

12、der reached a record$566.8 billion as of mid-2024,marking a second consecutive year of growth,even amid a broader fundraising slowdown.Dry powder currently represents 31.1%of total AUM,which is consistent with previous years.However,there is growing anticipation that this surplus could shrink if PE

13、dealmakinga significant driver for credit demandcontinues to recover.Strategically,banks and private credit firms are increasingly partneringmirroring the tech industrys“co-opetition”approachto jointly address borrower needs.Major tie-ups include JPMorganChases$50 billion side-by-side investment ini

14、tiative private credit firms,Citis$25 billion partnership with Apollo,and Wells Fargos$5 billion partnership with Centerbridge Partners,highlighting a new collaborative landscape.We are optimistic that these new structures will support rational risk pricing and covenant dynamics while increasing mar

15、ket liquidity.52024 ANNUAL GLOBAL PRIVATE DEBT REPORTSponsored byFUNDRAISING AND DRY POWDERFundraising and dry powderPrivate debt fundraising activityWhen the dust settles,institutional flows to private debt funds will exceed$200 billion for the fifth consecutive year$116.9$135.2$144.4$205.0$186.9$1

16、96.4$236.0$299.8$245.5$245.5$197.129033634538338639246549950134715820142015201620172018201920202021202220232024Capital raised($B)Fund countSource:PitchBook Geography:Global As of December 31,2024In 2024,a total of$197.1 billion of committed capital was closed by traditional drawdown funds with priva

17、te debt strategies.As a reminder,our fundraising data counts solely equity capital and upon final closing only.With adjustments for the expected lag in data from late-reporting funds,which typically adds approximately 20%in total value,2024 is on track for the fifth consecutive year of$200 billion o

18、r more in global private debt fundraising.After factoring in the upward restatement,we expect the year to hover around 4%below 2023 levels.The fund count decrease is a noteworthy trend.The number of funds closed in 2024 currently shows a YoY decline of greater than 50%.However,with a greater adjustm

19、ent in fund count typically needed,we expect the decreasing fund count trend to smooth into a less dramatic drop once the data fully settles.The median debt fund size nearly doubled from levels of the previous five years as investor demand for private debt exposure grew.Considering that a larger swa

20、th of late-reporting funds is smaller,this median will likely come down.Still,the trend toward larger funds is clear in what has become a crowded playing field within the asset class.More than 80%of funds closed in 2024 were larger than their predecessor funds,and capital raised by megafunds remaine

21、d stable at$86.6 billion compared with$87.3 billion in 2023.Private debt funds experienced robust inflows as investors looked to capitalize on exposure to floating-rate debt,which benefited from higher interest rates.Lower rates may diminish some investor interest,but ongoing structural shifts in th

22、e financing markets,such as the gaps created by the withdrawal of traditional bank lenders,robust demand for financing for middle-market companies,and companies staying private for longer,point to continued expansion of the private debt market.Fund sponsors also continue to innovate to encompass new

23、 opportunity sets,ranging from asset-backed finance to opportunistic credit.Institutional funds closed on$107.2 billion in total committed capital in the second half of 2024an improvement from the first six months of the year when closings totaled$89.9 billion.Notable funds closed in Q4 included Sil

24、ver Point Capitals Specialty Credit IV,which raised$8.5 billion in November,and Bain Capitals Global Special Situations II,which raised$5.7 billion in October.Ares Senior Direct Lending III,which is domiciled in the US and raised$15.3 billion in July,buoyed the 62024 ANNUAL GLOBAL PRIVATE DEBT REPOR

25、TSponsored byasset classs fundraising throughout the year.Interestingly,its European direct-lending counterpart had its final close on$17.7 billion in January 2025.Both funds are among the largest of their kind,highlighting the significant impact private lenders have had on the market in recent year

26、s as they capitalized on the pullback by banks in 2022 and 2023.Time to close funds has been stretching recently,with the average time to close a debt fund reaching 20.3 months in 2024 from 15.1 months in 2019.Out of the top 10 open funds rolling into 2025,seven have been open since 2023 with an agg

27、regate target fund size of more than$72 billion.Many of these rollover funds will likely close in the next few months and boost H1 2025 fundraising totals.As with other strategies,more-experienced managers continued to crowd out emerging managers,which we define as those with three or fewer funds to

28、 their name.The share of fundraising by emerging managers fell to a measly 6%in 2024.Starting in 2022,experienced managers ran away with market share as their larger platforms were better positioned to capture the sudden spike in demand arising from higher interest rates.Despite the slight tailwind

29、the strategy is enjoying,it is still a tough fundraising market for newer private debt managers because of fierce competition FUNDRAISING AND DRY POWDERPrivate debt institutional fund AUM($B)Institutional AUM exceeds$1.8 trillion with$566.8 billion in dry powder$0$200$400$600$800$1,000$1,200$1,400$1

30、,600$1,800$2,00020142015201620172018201920202021202220232024Remaining valueDry powderSource:PitchBook Geography:Global As of June 30,2024for deals.In fact,sourcing assets topped the list of market participants concerns in Q4 2024,according to LCDs Global Private Credit Survey.LCD conducted this inau

31、gural survey in late November,and respondents included a mix of credit providers,banks,PE shops,advisory firms,and other market participants from the US and Europe.Concerns about sourcing assets intensified going into 2025 as expectations for an increase in deal activity moderated amid economic poli

32、cy uncertainty.At$197.1 billion in 2024 fundraising,private debt surpassed venture capital as the highest fundraising strategy in private capital markets for the second consecutive year,second only to PE.Outside the traditional complex of institutional drawdown funds,private debt has dominated priva

33、te market fundraising in the insurance and wealth channels,which have emerged as important new sources of capital for the strategy.These are not finite-life drawdown funds but perpetual-life vehicles with continuous offerings at NAV.As noted in our Q4 2024 US Public PE and GP Deal Roundup,credit str

34、ategies accounted for 62.6%of all TTM fundraising among the big seven US alternative asset managers,and roughly half of that total was sourced from perpetual vehicles in the wealth and insurance segments.72024 ANNUAL GLOBAL PRIVATE DEBT REPORTSponsored byPerpetual vehicles for the private wealth inv

35、estor,also known as semiliquid funds,raised$122 billion in 2024.1 We estimate that 55%of that fundraising has flowed to private debt strategies ranging from nontraded business development companies(BDCs)to interval funds with broader mandates to tender offer funds with more opportunistic or specialt

36、y credit approaches.This puts the category in line to have raised$67 billion for the year for various private debt strategiesan approximately 40%YoY increase.Several of the mega-alternative managers targeted 25%of all fundraising to come from the wealth channel,and a few have already arrivedincludin

37、g Blue Owl,which derived$13.7 billion of its$27.5 billion in 2024 fundraising from the private wealth channel,primarily in its private debt products.Fundraising for retail-oriented vehicles such as nontraded BDCs,interval funds,and tender offer funds continues to increase as more vehicles come to ma

38、rket.We discussed this in our Q3 2024 The Evergreen Evolution,a report focusing on the growth of evergreen funds,perpetual capital,and private wealth investment in private markets.Since 2019,PitchBook has tracked 207 private market fund launches across these three vehicle types,all targeting the pri

39、vate wealth channel;the total net assets in these vehicles were$274.8 billion as of July 31,2024.Moreover,nontraded BDCs continued to FUNDRAISING AND DRY POWDERcommand significant capital and remained the top-selling category among alternative investments in 2024 in the retail channel,eclipsing nont

40、raded REITs for two years running.While private credit does not account for 100%of AUM in these products,they are a standout.Non-listed BDC AUM is unsurprisingly the exception,consisting of only private credit capital,while interval and tender offer funds span multiple asset classes.According to the

41、 report,private credit accounts for nearly 75%of all interval fund AUM.Some sponsors are turning to M&A to tap the opportunities presented by private credit,including the retail channel.Acquisitions such as BlackRocks 2024 purchase of HPS Investment Partners and TPGs 2023 acquisition of Angelo Gordo

42、n were partly meant to add product offerings for evergreen-seeking LPs,including income-producing strategies in private debt.Some firms have turned to strategic partnerships to better access retail investors.For example,KKR plans to use its strategic partnership with Capital Group,a global active as

43、set manager,to launch two hybrid credit products in the first half of 2025 to target the mass affluent market.The hybrid products will go beyond KKRs K-Series wealth products,which are available to accredited investors,to reach the mass market and make KKRs platform available to a broader universe o

44、f investors.Private debt institutional,retail,and insurance AUM($B)Private debt AUM exceeds$2.2 trillion inclusive of perpetual vehicles in the wealth and insurance channels$0$400$800$1,200$1,600$2,000$2,40020142015201620172018201920202021202220232024Insurance(estimate)RetailInstitutionalSource:Pitc

45、hBook Geography:Global As of June 30,20241:“Alts Fundraising Surpasses$122B for 2024,Led by Non-Traded BDCs With$35.5B,”AltsWire,Mari Nicholson,January 27,2025.82024 ANNUAL GLOBAL PRIVATE DEBT REPORTSponsored byPrivate debt dry powder($B)The$566.8 billion in private debt dry powder represents a new

46、high and remains healthy at 31.1%of total AUMShare of credit capital raised by top seven public US alternative asset managers by channel in 2024Retail and insurance investors account for nearly half of all credit fundraising at the top seven US-listed alternative asset managers$566.8$0$100$200$300$4

47、00$500$600201420152016201720182019202020212022202320242024Total2023202220212020201920182017Dry powderby vintage54.1%35.1%10.9%TraditionalInsuranceWealth$394.1BSource:PitchBook Geography:Global As of June 30,2024Source:PitchBook Geography:Global As of December 31,2024FUNDRAISING AND DRY POWDERInsuran

48、ce platforms by public alternative asset managersInsurance remains a core focus for these managers as they look to scale their credit strategiesSource:Company reports Geography:Global As of December 31,2024FirmWealth platformWealth AUM($B)Total AUM($B)%of total AUMWealth TTM inflows($B)Total TTM inf

49、lows($B)%of total TTM inflowsLaunch yearBXBlackstone Private Wealth Solutions$260.0$1,127.2 23.1%$28.0$171.5 16.3%2010KKRKKR Global Wealth Solutions$100.0$637.6 15.7%$15.0$113.6 13.2%2021OWLBlue Owl Private Wealth$108.6$251.1 43.2%$13.7$27.5 49.8%2021CGCarlyle Private Wealth$50.0$441.0 11.3%N/A$40.8

50、 N/A2023ARESAres Wealth Management Solutions$39.0$484.4 8.1%$18.5$92.7 20.0%2021APOApollo AcademyN/A$751.0 N/A$12.0$152.0 7.9%202292024 ANNUAL GLOBAL PRIVATE DEBT REPORTSponsored byInsurance capital is a vital inflow source for these managers as they continue scaling their credit strategies and perm

51、anent capital bases.Pairing insurance managers and alternative managers is mutually beneficial:The longer duration required for private market strategies aligns with the long-term outlook of insurance managers and their investment thesis.The insurance sector invests primarily in fixed income,which h

52、as helped to complement several firms as they build out or buy heavily in their private credit franchises to capture insurance inflows and further scale AUM.Within the insurance segment,where capital is often managed in separate accounts or rated feeder funds for regulatory control purposes,flows to

53、 private debt have also been significant and growing robustly.In the top seven public US alternative asset managers where insurance inflows are disclosed,inflows to credit strategies topped$135 billion for the full-year 2024.However,this overstates the contribution to private debt.The vast majority

54、is invested in liquid credit strategies such as government and corporate bonds to stay in compliance with the National Association of Insurance Commissioners and other regulatory entities that provide guidelines on what insurers can safely invest in.For example,Apollos wholly owned insurer,Athene,is

55、 one of the largest and longest-running tie-ups between an insurer and a PE manager,dating back to its formation and initial funding by Apollo in 2009.Athenes allocation to private debt and other alternative investments is consistent at 5%versus 6.3%for the industry.However,including real estate deb

56、t that has yet to be packaged into mortgage securities,Athenes exposure to private debt with illiquid or semiliquid characteristics is closer to 27%versus 15.3%for the industry.2 While not a perfect proxy for all seven of the alternative managers,if we conservatively assume a 15%allocation to privat

57、e debt for the$916.6 billion in reported insurance AUM and the$138.2 billion in related TTM credit fund flows,that implies another$137.5 billion in AUM and$20.7 billion in fundraising that are incremental to our private debt totals for traditional institutional drawdown funds and perpetual capital r

58、etail funds.In Q2 2024,private debt AUM reached$1.8 trillion globally,surpassing the$2.2 trillion inclusive of perpetual capital vehicles in the wealth and insurance channels.For context,the liquid debt marketsbroadly syndicated leveraged loans and high-yield bondstotaled roughly$1.4 trillion and$1.

59、8 trillion,respectively.Athene invested assets by strategy in 2024Athene exemplifies how private debt managers have implemented equity replacement strategies when managing insurance assets3.0%3.0%38.0%18.0%22.0%11.0%5.0%Corporate&governmentbondsStocksABS/CMBS/RMBSMortgagesCLOCash&equivalentsAlternat

60、ivesNet invested assets:$249BSource:PitchBook Geography:Global As of December 31,20242:“Athene Fixed Income Investor Presentation,”Athene,February 2025.Looking at just institutional drawdown funds,growth has been most noticeable in direct lendingprivate debts largest substrategywhich surpassed$678.5

61、 billion in AUM through H1 2024,up from$91.3 billion 10 years ago.That is a CAGR of 22.2%versus 10.8%for PE AUM growth during the same span.Some observers fear it is too far too fast.However,the absolute AUM in PE still far exceeds that of direct lending at$5.7 trillion and$678.5 billion,respectivel

62、y.This implies ample opportunity for private debt funds to grow into the PE footprint,especially after capturing market share from the pullback by banks in the last couple of years.Halfway through 2024,private debt dry powder sat at$566.8 billiona new highand is on track for its second consecutive y

63、ear of growth.The dry powder is through June 30 due to late reporting from GPs and LPs.The asset classs robust fundraising supported the growth over the past couple years.Despite the slight fundraising slowdown in 2024,dry powders ascent has not been affected as it has in other asset classes,such as

64、 PE.Moreover,dry powders share of AUM now sits at 31.1%,which aligns with each of the last two years.Due to the high demand for private credit and the now seemingly stabilizing fundraising backdrop,the asset classs collection of dry powder may decline in the quarters ahead,FUNDRAISING AND DRY POWDER

65、102024 ANNUAL GLOBAL PRIVATE DEBT REPORTSponsored byespecially as PE dealmaking(a large demand driver for private credit capital)continues to pick back up.Direct lending led as the top fundraising substrategy within private debt,accounting for 60.7%of the capital raised in 2024.The strategy dipped i

66、n the past two years as the asset class diversified,but it came roaring back,far surpassing its five-year average share of 39.7%.Direct lending recorded its greatest share of fundraising activity in 2024,easily bypassing the previous high of 47.8%in 2021.Investor demand for direct lending is driven

67、by the rising financing needs of non-investment-grade borrowers and the opportunity to gain attractive yields relative to public market debt.Direct lending dominated the top fund list,lining the top five largest private debt funds closed in 2024.Intermediate Capital Group(ICG)led the group with its

68、Senior Debt Partners V,which held a final close in September with$17 billion,well ahead of its$11 billion target.The fund is part of its flagship direct lending strategy and is focused on middle-and upper-middle-market European companies.The largest private debt fund ever raised in Europe,it account

69、ed for roughly 40%of all capital raised for private debt strategies in the region Share of private debt capital raised by strategyDirect lending accounts for 60%of all private debt fundraising as other strategies pause 0%10%20%30%40%50%60%70%80%90%100%20142015201620172018201920202021202220232024Mult

70、istrategyVenture debtInfrastructure debtReal estate debtMezzanineCredit special situtationsDistressedDirect lendingBridge financingSource:PitchBook Geography:Global As of December 31,2024during 2024.The five largest direct lending funds raised$68.2 billion in aggregate,a whopping 34.6%of the$197.1 b

71、illion raised in total private debt strategies during the year.Mezzanines junior position in the capital structure means that it does not count against limits on senior loan ratiosan appealing option for borrowers that need an extra turn of leverage.Additionally,mezzanine lenders are more comfortabl

72、e with payment-in-kind(PIK)structures,which continue to be a popular feature in todays market to conserve cash flow.High-yield bond lenders have allowed PIK historically during accommodating market conditions,although these deals represent a tiny portion of the market.Despite these benefits,2024 fun

73、draising for mezzanine slumped.Fundraising activity substantially declined in 2024 for the asset classs second-most-prominent substrategy in terms of capital raised,trailing only direct lending.It raised$6.8 billion across 13 funds,representing YoY declines of 82.4%and 64.9%,respectively.With cheape

74、r forms of capital now available,companies have been quick to halt mezzanine borrowing.And with interest rates on these loans often in the teens,mezzanine debt is more likely to appear when other debt is unavailable.FUNDRAISING AND DRY POWDER112024 ANNUAL GLOBAL PRIVATE DEBT REPORTSponsored byFUNDRA

75、ISING AND DRY POWDERLargest private debt institutional funds closed in 2024Direct lending overwhelmingly represented in top fundsLargest nontraded BDCs and private debt interval funds offered in 2024New breed of retail-oriented vehicles has allowed private debt sponsors to gather an additional$300 b

76、illion in AUM since 2020Source:PitchBook Geography:Global As of December 31,2024Note:Fund size represents total committed capital.Source:PitchBook Geography:Global As of December 31,2024FundInvestorFund size($M)Close dateFund typeFund step-upHQ locationICG Senior Debt Partners 5Intermediate Capital

77、Group$17,000.0 September 11Direct lending1.9xLondon,UKAres Senior Direct Lending IIIAres Management$15,300.0 July 31Direct lending1.9xLos Angeles,USHPS Specialty Loan VIHPS Investment Partners$14,300.0 June 24Direct lending1.2xNew York,USWest Street Loan Partners VGoldman Sachs Asset Management$13,1

78、00.0 May 29Direct lending1.8xNew York,USSilver Point Specialty Credit IIISilver Point Capital$8,500.0 November 18Direct lending4.3xGreenwich,USWest Street Real Estate Credit Partners IVGoldman Sachs Asset Management$7,000.0 May 14Real estate debt1.0 xNew York,USBain Capital Global Special Situations

79、 IIBain Capital$5,740.0 October 31Credit special situations1.4xBoston,USCarlyle Credit Opportunities IIIThe Carlyle Group$5,700.0 December 12Debt1.2xWashington,DC,USApollo Origination Partnership IIApollo Global Management$4,800.0 October 15Direct lending2.0 xNew York,USBenefit Street Partners Debt

80、VBenefit Street Partners$4,700.0 January 24Direct lending 1.8xNew York,USFundNet assets($M)Fund typeStrategyHQ locationBlackstone Private Credit$38,900.0 Nontraded BDCDirect lendingNew York,USCliffwater Corporate Lending$25,700.0 Interval fundDirect lendingMarina del Rey,USApollo Debt Solutions BDC$

81、9,500.0 Nontraded BDCDirect lendingNew York,USHPS Corporate Lending$7,200.0 Nontraded BDCDirect lendingNew York,USCliffwater Enhanced Lending$4,800.0 Interval fundDirect lendingMarina del Rey,USCion Ares Diversified Credit$4,338.3 Interval fundMultistrategyNew York,USBlue Owl Technology Finance Corp

82、.$3,575.5 Nontraded BDCDirect lendingNew York,USPIMCO Flexible Credit Income$3,254.0 Interval fundMultistrategyNew York,USVariant Alternative Income$2,810.0 Interval fundMultistrategyPortland,USBlue Owl Technology Finance Corp.II$2,758.9 Nontraded BDCDirect lendingNew York,US122024 ANNUAL GLOBAL PRI

83、VATE DEBT REPORTSponsored byUS AND EUROPEAN MARKET STATSUS and European market statsSpread and yield to maturity on new-issue US leveraged loans US loan yields and spreads have crept lower throughout the yearSpread and yield to maturity on new-issue European leveraged loansEuropean loan yields have

84、declined with lower base rates,though spreads remain higher than the US5%6%7%8%9%10%0100200300400JanFebMarAprMayJunJulAugSepOctNovDecSpread(basis points)Yield20245%6%7%8%9%050100150200250300350400450JanFebMarAprMayJunJulAugSepOctNovDec2024Spread(basis points)YieldSource:PitchBook Geography:US As of

85、December 31,2024 Note:Trailing 30-day averageSource:PitchBook Geography:Europe As of December 31,2024Note:Trailing 90-day average.132024 ANNUAL GLOBAL PRIVATE DEBT REPORTSponsored byPRIVATE DEBT FUND STATSPrivate debt fund statsShare of private debt capital raised by size bucket$5 billion-plus funds

86、 gather nearly half of all new commitments to private debtShare of private debt capital raised by regionNorth America retains the vast majority of share in private debt fundraisingShare of private debt fund count by size bucketSeveral fund size buckets have expanded at the expense of the sub-$100 mi

87、llion categoryShare of private debt fund count by regionThe number of European vehicles has bounced back0%10%20%30%40%50%60%70%80%90%100%20142015201620172018201920202021202220232024$5B+$1B-$5B$500M-$1B$250M-$500M$100M-$250M$100MNorth AmericaEuropeAsiaOceaniaMiddle EastAfricaRest of world0%10%20%30%4

88、0%50%60%70%80%90%100%201420152016201720182019202020212022202320240%10%20%30%40%50%60%70%80%90%100%20142015201620172018201920202021202220232024$5B+$1B-$5B$500M-$1B$250M-$500M$100M-$250M$100MNorth AmericaEuropeAsiaOceaniaMiddle EastAfricaRest of world0%10%20%30%40%50%60%70%80%90%100%201420152016201720

89、18201920202021202220232024Source:PitchBook Geography:Global As of December 31,2024Source:PitchBook Geography:Global As of December 31,2024Source:PitchBook Geography:Global As of December 31,2024Source:PitchBook Geography:Global As of December 31,2024142024 ANNUAL GLOBAL PRIVATE DEBT REPORTSponsored

90、bySPOTLIGHTSPOTLIGHT2025 US Private Credit Outlook:More M&A,larger lenders,bigger marketSpread of LBOs financed in broadly syndicated loan(BSL)versus direct lending marketSpreads for BSL and direct lending LBOs alike continue to decline 06012018024002004006008002018201920202021202220232024Spread(bas

91、is points)over base rateDifference(right axis)BSL spreadDirect lending spreadSource:PitchBook|LCD Geography:US As of December 31,2024Note:Direct lending spread data reflects senior secured first-lien loans and unitranche facilities.BSL data reflects loans issued to borrowers rated B-minus.Note:This

92、spotlight is abridged from our Q4 2024 US Private Credit&Middle Market Quarterly Wrap.Please see the full report for additional analysis.Abby Latour Managing Editor,US Private Credit Zack Miller Senior Reporter,Private CreditAt the end of 2024,market participants expressed that the outlook for trans

93、action activity in private credit for 2025 had brightened.But the ability to source assets is top of mind for the year in what has become a crowded playing field within the asset class,marked by a growing number of major partnerships.PitchBook|LCDs inaugural quarterly Global Private Credit Survey,pu

94、blished in November 2024,found“sourcing assets”and“geopolitical uncertainties”were leading concerns for private credit players in 2025 in response to a question on expected headwinds in the coming months.At the same time,PE faces demand from investors to return capital,which is expected to boost M&A

95、 and LBO deal activity in 2025.Many market participants expressed optimism that a second Trump term will further“grease the skids”for M&A through policies promoting less regulation,tax cuts,and relaxed antitrust oversight.The removal of“election uncertainty”was cited as a win for improved deal activ

96、ity going into 2025.152024 ANNUAL GLOBAL PRIVATE DEBT REPORTSponsored bySPOTLIGHTLBO count financed in BSL and private credit market Even with the syndicated markets revival,private credit continues to lock up deals at a steady clipSpread range for unitranche loans held by BDCsOver the last year,spr

97、ead ranges have declined,concentrating more in the 500-599 range2019202020212022202320240102030405060708090100SyndicatedPrivate creditQ1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q30%5%10%15%20%25%30%35%450450-499500-549550-599600-649650+December 31,2023September 30,2024Source:PitchBook|LCD Geography:US As of December 31,

98、2024Note:Private credit is based on transactions covered by LCD News.Source:PitchBook|LCD Geography:US As of December 31,2024Note:Includes USD-denominated facilities only and excludes holdings marked as nonaccrual.In 2023,the private credit market captured deal flow handily from the BSL market.The s

99、eemingly endless one-directional move that dominated in 2023,with deals migrating from the BSL market into private credit,stopped in its tracks in the first quarter of 2024 when the BSL market reopened for lower-rated credits.The lower spreads available in the BSL market proved difficult to ignore.B

100、ut private credit lenders are not giving up the fight.They are looking at near-term maturities in the BSL market for refinancing opportunities.In addition,a growing number of companies achieved significant interest expense savings in the direct lending market via repricings in 2024,a trend expected

101、to continue this year.In the current borrower-friendly market,direct lenders are receiving calls from PE sponsors with requests to slash pricing by 100 basis points,according to industry sources.Indeed,one advantage that private credit lenders have long toutedthat a sole lender or small lender group

102、 is easier to work withcan be seen as a double-edged sword:With few administrative obstacles,it is relatively simple for a loan issuer or sponsor to request,and achieve,a pricing cut on a private credit loan.BDC filings illustrate the magnitude of this trend.In the first nine months of 2024,more tha

103、n 50 companies repriced unitranche debt,cutting the spread by 96 basis points,to SOFR plus 514,on average.Until new buyouts and other M&A activity increase meaningfully,lenders expect more repricings.Partnerships:More to comeIn December,BlackRock announced it would acquire HPS Investment Partners in

104、 a$12 billion all-stock transaction,combining their private credit capabilities into a new$220 billion private financing business.Banks have moved to partner with private credit firms that have origination capabilities to be able to offer a full suite of products to borrower clients.Indeed,2024 saw

105、the announcements of Citigroups$25 billion private credit partnership with Apollo,Webster Banks venture with Marathon,and Wells Fargos$5 billion partnership with Centerbridge Partners.Also,JPMorganChase announced in October it will allow a select group of private credit lenders to invest side by sid

106、e on its deals in exchange for fees.In all,LCD tracked 17 bank and private credit lender partnerships in 2024,up from just three in 2023.162024 ANNUAL GLOBAL PRIVATE DEBT REPORTSponsored byBank and private credit lender partnerships in H2 2024Banks and private credit lenders partner up to leverage s

107、trengths and offer a wider range of options Source:PitchBook|LCD Geography:Global As of December 31,2024The shifting nature of the relationship between private lenders and banks comes as private credit looks to make good on its aspirations to finance even more of the credit landscape.Large lenders d

108、escribe a$40 trillion total addressable market for private credit,encompassing asset-backed finance opportunities,for starters.This push into new asset classes,away from the sponsor finance that has been the bread and butter of private credit firms,is expected to continue in 2025.SPOTLIGHTDateBankAs

109、set manager(s)DetailsDecember 3Santander Corporate&Investment BankingPembertonA strategic partnership to launch Invensa,a new company focused on providing large and midsized corporates with supply chain inventory solutions.October 31Piper Sandler CompaniesBC Partners CreditTwo firms have formed a st

110、rategic lending alliance,with BC Partners Credit providing capital and Piper Sandler originating deals.October 2JPMorgan Chase&Co.FS Investments,Cliffwater,Shenkman Capital Management,and othersJPM,which has set aside$10 billion of its own balance sheet for its foray into direct lending,will allow a

111、 select group of private credit lenders to invest side by side on its deals in exchange for fees.The bank will provide its origination capabilities to the lenders,with a focus on showing partners investment opportunities in nonsponsored companies,as opposed to PE-owned businesses.October 1Mizuho Fin

112、ancial GroupGolub CapitalMizuho has purchased a passive,nonvoting minority stakein Golub Capitals management companies,and Mizuho will serve as a strategic distribution partner for Golub Capital in Japan.Golub Capital plans to use the proceeds from Mizuhos investment to enhance its ability to delive

113、r distinctive,compelling,and reliable financing solutions to PE sponsors.September 26CitigroupApolloApollo and Citigroup,with participation from Mubadala Investment Company and Apollo subsidiary Athene,have agreed to form a$25 billion private credit program.The program is designed to significantly e

114、nhance access for corporate and sponsor clients to the private lending capital pool.September 20BNP ParibasApollos ATLAS SP Partners As part of the strategic financing,BNP Paribas will provide an initial financing commitment of$5 billion,which is expected to increase over time.The commitment support

115、s investment-grade,asset-backed credit originated by Apollo and ATLA alongside a capital markets collaboration to support securitizations sourced by Apollo and ATLAS issuer clients.July 18Lloyds Banking GroupOaktree Capital ManagementThe strategic partnership will support UK middle-market PE-backed

116、borrowers with 10 million to 75 million in EBITDA.The partnership will provide clients with a comprehensive senior debt solution for new buyouts and refinancings and will have a combined single name hold capacity of 175 million per transaction.July 2Webster BankMarathon Asset ManagementThe strategic

117、 partnership will lend to PE-backed middle-market companies.The joint venture will originate directly sourced senior secured loans across various industries in which Webster Bank and Marathon have established track records of investing.172024 ANNUAL GLOBAL PRIVATE DEBT REPORTSponsored byLBO DEALMAKI

118、NG AND TAKE-PRIVATE UPDATELBO dealmaking and take-private updateLBO deal activity Private credit deployment is linked to PE LBO deal value,which surged 54.9%from 2023$806.2$983.9$892.3$1,099.2$1,165.9$1,209.5$986.8$2,040.6$1,609.1$1,222.7$1,893.66,9417,7317,9298,82310,13910,61210,23616,13015,11013,1

119、2920,60520142015201620172018201920202021202220232024Deal value($B)Deal countEstimated deal countSource:PitchBook Geography:Global As of December 31,2024While global PE-backed dealmaking activity demonstrated robust overall growth in 2024,take-private transactionsoften among the highest-value dealsno

120、tably decelerated in the second half of the year.Total PE-backed take-private deal value declined by 37.7%compared with the first half of the year,driven primarily by buoyant public market conditions that reached new highs following the election,thus complicating deal economics.Elevated valuations a

121、nd the necessity to offer substantial shareholder premiums to ward off rival bids further strained the feasibility of many transactions.Interestingly,a divergence emerged.Public market investors confidently adopted a risk-on posture,whereas private equity firms took a notably more cautious stance.Th

122、is dynamic also placed downward pressure on loan volumes.Take-private transactions serve as critical barometers for financial market conditions,offering valuable transparency into the typically opaque private transaction landscape.Of particular interest is the evolving financing mix between private

123、credit providers and traditional broadly syndicated loan market.Historically,private credit played predominantly in middle-market transactions,steering clear of larger,billion-dollar-plus deals.However,a transformative shift began in 2022,catalyzed by rapid rate hikes by the Federal Reserve and subs

124、equent turmoil in financial markets.Banks,burdened by steep underwriting losses from earlier commitments at lower rates,retreated after offloading distressed positions.Private credit providers,armed with a historic$299.8 billion raised in 2021 and ample dry powder,seized this market dislocation.They

125、 swiftly expanded their share of large-scale lending,delivering capital at attractive terms during a volatile period.This strategic agility not only enabled private credit firms to effectively deploy capital but also positioned them to generate outsized returns as base interest rates and credit spre

126、ads climbed.In 2022,nearly 40%of all senior secured term loans and unitranche facilities financing buyouts carried spreads of SOFR plus 700 basis points,up from just 8%in 2021,according to LCD data.182024 ANNUAL GLOBAL PRIVATE DEBT REPORTSponsored byLBO DEALMAKING AND TAKE-PRIVATE UPDATEBorrowers an

127、d sponsors,in turn,increasingly appreciated private credits certainty of execution,flexibility,willingness to offer PIK options and delayed-draw term loans,and bespoke terms that facilitated navigating downturns.Recently,however,the environment has shifted again:As the broadly syndicated market came

128、 roaring back in 2024,credit spreads tightened significantly,especially for larger transactions that could be refinanced in the liquid credit markets.Some 67%of LBOs financed by direct lenders carried spreads between 500 and 600 basis points.These tighter spread levels,combined with 2024s base rate

129、cuts,will compress overall returns.Surprisingly,the anticipated jump in deal activity following the 2024 US election failed to materialize.Q4 take-private deal value slumped markedly,totaling roughly half of Q3 levels.Yet banks have aggressively reentered the lending arena,arranging a record number

130、of BSL transactions.However,the bulk of this activity backed refinancings and repricings as borrowers took advantage of accommodating market conditions to lower their cost of debt,manage their maturities,or both.With the risk-on BSL market offering spreads near record lows,banks are back in the lead

131、,underwriting a majority of the PE-backed take-private transaction value in 2024.Looking forward,the pullback in US public markets since their postelection highs,alongside expectations of reduced antitrust scrutiny,sets the stage for a potential rebound in take-private activity in the first half of

132、2025.Such an uptick would likely boost private credits market participation.New-issue spread and yield to maturity of loans backing LBOs by quarter Borrowing costs for LBOs funded in the BSL market eased to 9.4%in Q4 2024 from 11.6%in Q4 2023 20202021202220232024Q1Q2Q3Q4Q2Q4Q2Q4Q2Q4Q2Q4Q1Q3Q1Q3Q1Q3Q

133、1Q34%5%6%7%8%9%10%11%12%0100200300400500600Spread(basis points)YieldSource:PitchBook|LCD Geography:US As of December 31,2024Note:There were not enough observations in Q4 2022 to provide a meaningful average.192024 ANNUAL GLOBAL PRIVATE DEBT REPORTSponsored byNotable public-to-private LBOs announced

134、in H2 2024Private credits share of jumbo loans backing take-privates has slipped to less than half after dominating in 2023Source:PitchBook Geography:Global As of December 31,2024Note:Only deals with disclosed loan types included.CompanyAnnounced date Loan typeEnterprise value($M)Loan value($M)Patte

135、rson Companies December 11Bank$4,100.0$2,475.0 Pactiv Evergreen December 9Bank$6,700.0 Not disclosed TI Fluid Systems November 29Bank$1,064.5 Not disclosed Brightcove November 20Bank$233.0 Not disclosed Avid Bioservices November 6Private debt$1,100.0$235.0 Air Transport Services Group November 3Bank

136、$3,100.0$2,300.0 EckohOctober 30Private debt$221.5$106.9 Zuora October 17Bank$1,700.0$850.0 Smartsheet September 24Private debt$8,400.0$3,200.0 PetIQAugust 7Private debt$1,500.0$810.0 Enstar Group July 29Bank$5,100.0$3,150.0 Everi Holdings July 26Hybrid$6,300.0$3,580.0 Instructure July 25Hybrid$4,80

137、0.0$2,300.0 Exclusive Networks July 24Bank$2,380.3$1,396.4 Envestnet July 11Hybrid$4,500.0$2,510.0 Hroux-Devtek July 11Bank$985.7$475.0 Keywords StudiosJuly 3Bank$2,667.2$1,140.0 LBO DEALMAKING AND TAKE-PRIVATE UPDATE202024 ANNUAL GLOBAL PRIVATE DEBT REPORTSponsored byPRIVATE DEBT FUND PERFORMANCEPr

138、ivate debt fund performancePrivate debt fund versus leveraged loan returns by quarterWhen markets turn,leveraged loans capture more of the upside than private debt funds but also more of the downside-15%-10%-5%0%5%10%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2201920202021202220232024Private debtLev

139、eraged loansSource:PitchBook|LCD Geography:Global As of June 30,2024Private debt had a one-year return of 9.5%through Q2 2024,which compares favorably to the 10-year horizon IRR of 8.1%,as higher interest rates on floating-rate debt flow through to these fund vehicles.In the 12 months ended Q2 2024,

140、private debt returns outpaced all other private market asset classes.As a result,the asset class experienced robust inflows as investors looked to capitalize on exposure to floating-rate debt benefiting from higher interest rates.However,the back half of 2024 was a different story,as the lower expec

141、tations for the asset class,given the less favorable interest-rate backdrop,made the strategy less attractive.Despite the more gradual rate cuts from central banks,investor demand for new funds fell short.Lower rates triggered a flight from floating-rate securities and loans in prior cycles.At the s

142、ame time,other strategies,including PE and real assets,provided outsized returns on a one-year basis,as noted in our Q3 2024 PitchBook Private Capital Indexes,leaving private debts relative attractiveness in question.Direct lending,the most significant portion of the private debt universe,posted a 1

143、2.9%return through Q2 2024.The Morningstar LSTA US Leveraged Loan Index,which serves Direct lending versus buyout fund distribution ratesDirect lending distribution rates are nearly double those of buyout funds22.8%14.6%0%5%15%25%35%10%20%30%Direct lendingBuyout201920202021202220232024Q1Q3Q1Q3Q1Q3Q1

144、Q3Q1Q3Q1Source:PitchBook Geography:Global As of June 30,2024212024 ANNUAL GLOBAL PRIVATE DEBT REPORTSponsored byPRIVATE DEBT FUND PERFORMANCEas a good proxy for private debt returns,particularly direct lending,posted a gross return of 11.1%in the 12 months ended Q2 2024 and 8.95%for full-year 2024,s

145、o we expect returns in the back half of the year to decline somewhat.While carry remained the key driver of leveraged loan returns,the impact was lighter than in 2023 due to tighter spreads on outstanding loans following a record year for repricings and refinancings and three cuts to the base rate.T

146、he Morningstar European Leveraged Loan Index produced an identical 11.1%return through Q2.By geography,North American private debt funds posted a one-year IRR of 10.2%,outdoing the 7.8%return posted by their European counterparts,in a reversal from six consecutive quarters of European outperformance

147、.Of the major substrategies,mezzanine funds led for five consecutive quarters until Q2 2024,when the strategy fell to third.Mezzanine trailed multistrategy(general debt)and direct lending,which posted one-year returns of 18.1%and 12.9%,respectively.The mezzanine return of 9.5%was well below its Q3 2

148、023 peak of 33.4%.The TTM return for infrastructure&real estate debt declined from 8.7%to 6.8%,tied with distressed&special situations but lagging all Private debt rolling one-year horizon IRR by typeOne-year returns were strong across most strategies,with direct lending leading and venture debt lag

149、ging-10%-5%0%5%10%15%20%25%30%35%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2201920202021202220232024MezzanineReal assets debtDistressed&credit special situationsDirect lendingVenture debtSource:PitchBook Geography:Global As of June 30,2024other debt strategies.Distressed investors continue to face

150、the same headwinds of lower headline default rates and a shrinking investable universe.As the back half of the year saw three rate cuts by the European and US central banks,respectively,allocators may be looking to lean into fixed-rate loan portfolios if they believe that rates will continue on a do

151、wnward path.In this scenario,the floating-rate loans held by private debt funds would see declining returns.However,if a soft landing is still in the cards with more gradual rate cuts,private debt returns could stay competitive alongside elevated investor demand for the various strategies within the

152、 private debt universe.Looking into 2025,LCDs inaugural quarterly Global Private Credit Survey found that private credit spreads are expected to tighten further,even after new-issue spreads already declined significantly in 2024.Moreover,the share of respondents who see spreads below SOFR plus 500 b

153、asis points in six months has increased.Heightened competition for deals,as well as risk-on sentiment in the BSL market,is tightening credit spreads,which may negatively impact returns for private credit investors looking to deploy new capital into the current spread regime.222024 ANNUAL GLOBAL PRIV

154、ATE DEBT REPORTSponsored byPRIVATE DEBT FUND PERFORMANCEPrivate debt gross returns reported by managerOne-year gross returns of private debt strategies managed by the“Big Seven”US alternative asset managers ranged between 12%and 17%in Q415.7%12.8%12.0%12.0%17.1%13.4%13.9%13.4%3.1%2.4%2.0%3.0%3.0%3.3

155、%3.1%3.0%BXAPOKKRCGARESTPGOWLMedianTTMQ4 2024Source:Company reports Geography:Global As of December 31,2024Note:All returns are before the deduction of fees.232024 ANNUAL GLOBAL PRIVATE DEBT REPORTSponsored byFUND TYPE DEFINITIONSFund type definitionsDirect lending:Generally senior loans made to mid

156、dle-market companies without the use of an intermediary but may include revolving credit lines and second-lien loans.Unitranche facilities,which combine different debt instruments under a single umbrella,are also becoming more common.Real estate debt:The most common real estate debt strategy is dire

157、ct lending for real estate acquisitions but may also include the buying and selling of securitized real estate loans in the secondary market.Risk profiles vary based on the nature of the underlying assets.Infrastructure debt:Debt used for infrastructure development(for example,greenfield)and investm

158、ent in existing assets(for example,brownfield),generally with longer terms(30-plus years)due to the extended useful life of the assets.Mezzanine:Subordinated debt,generally with features similar to preferred equity,such as warrants.Often used in LBO transactions.Special situations:Opportunistic debt

159、 or structured equity investmentssuch as convertible debt,convertible preferred,and debt with warrantsmade with the intent of gaining control of a company,generally one in some type of financial distress.Special situations can involve direct origination with these hybrid structures or trading in the

160、 secondary market where manager believes price dislocation is present.Distressed debt:This debt type differs from special situations in that it generally involves the purchase of securities or loans in the secondary market,rather than new origination of debt or structured equity.Distressed strategie

161、s likely involve identification of the“fulcrum”security,or the most subordinated part of the capital stack to be paid back in a bankruptcy or other restructuring,which can trade at steep discounts to net asset value.Venture debt:Debt financing extended to companies with venture capital backing.For e

162、ntrepreneurs,venture debt serves as a way to extend the runway to exit without further diluting ownership.Bridge financing:Private debt funds that provide short-term loans,also called swing loans,made in anticipation of intermediate-term or long-term financing.Multistrategy:General-purpose credit fu

163、nds with broad mandates to invest across the debt capital structure,substrategies,and verticals to capture the entire opportunity set in private credit.These funds will often invest in public debt as well as private debt on a dynamic and opportunistic basis.Additional researchCOPYRIGHT 2025 by Pitch

164、Book Data,Inc.All rights reserved.No part of this publication may be reproduced in any form or by any meansgraphic,electronic,or mechanical,including photocopying,recording,taping,and information storage and retrieval systemswithout the express written permission of PitchBook Data,Inc.Contents are b

165、ased on information from sources believed to be reliable,but accuracy and completeness cannot be guaranteed.Nothing herein should be construed as any past,current or future recommendation to buy or sell any security or an offer to sell,or a solicitation of an offer to buy any security.This material

166、does not purport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon as such or used in substitution for the exercise of independent judgment.Private markets2024 Annual Global Private Market Fundraising ReportDownload the report here2024 An

167、nual Global M&A ReportDownload the report here2024 Annual US PE BreakdownDownload the report hereQ2 2024 Global Fund Performance Report(with preliminary Q3 2024 data)Download the report here2024 Annual US PE Middle Market ReportDownload the report here2024 Annual European PE BreakdownDownload the report hereMore research available at