PB: Global private debt report

PITCHBOOK reports:

Private debt endured 2022’s market upheaval

Private debt assets proved resilient amid a challenging macroeconomic environment in 2022, according to our 2022 Annual Global Private Debt Report. GPs enjoyed robust fundraising momentum through most of the year, despite a short-lived lull in the first quarter. Demand for private debt loans has grown over the past decade.

Takeaways include:

– Funds dedicated to private debt—which includes direct lending and other strategies—raised over $200 billion in 2022.

– Preliminary data shows that a rebound in the performance of private debt funds pulled fund returns out of the negative territory in Q3, making it the third-best-performing private market strategy. 

– The popularity of mezzanine funds grew, driven by high demand for paid-in-kind loans, which help borrowers preserve cash. 

– The total volume of loans in business development company (BDC) portfolios ratcheted up, riding the wave of growth in the private debt market

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