Archives| PDF | Research | Week of Mar 30, 2020
“Investing is a really easy business until you go through a correction.” – Jonathan Grabel, chief investment officer, LA County Employees Retirement Association.
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The Great Stay-In (Fourth of a Series)
“We did not underwrite for this.”

So said the managing partner of a top-tier middle market private equity firm. In a conversation last week, he spoke of the challenges and uncertainties surrounding the impact to businesses of COVID-19.

“We always model downside scenarios for any investment we consider,” he said. “But the zero revenue case wasn’t one of them. This is such a dramatic shift from anything anyone has ever encountered. We’re working 24/7 to figure it out.”...

➢ Next week: The economic outlook for 2020.
COVID-19: Assessing the impact on PE
April 2, 2020 | 3:00PM - 4:00PM EST
Featuring:
Randy Schwimmer
Join PitchBook and leading private equity professionals for a discussion on COVID-19 and its impact on the PE market.
Readers' Say
This Week’s Question
When will it be declared safe to go back to work?
(*All responses are confidential.)
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Last Week's Results
The best way to restore market stability is:
Chart of the Week
Year of the Virus
A recent Refinitiv lender survey revealed expectations of a quick COVID-19 resolution is unlikely.
Source: Refinitiv LPC’s 2Q20 Middle Market Lender Outlook; Lender Survey
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Stat of the Week
 Loan Stats at a Glance 
PDI Picks
How LP views of private equity
are being shaped by covid-19
Fewer but more open-minded commitments may be among LPs’ responses to the crisis, according to our new survey...
Leveraged Loan Insight & Analysis
Hopes for building 2020 loan mart are shortlived 
as Covid-19 spreads
Several headlines have rattled the markets over the last few years – some were fuelled by geopolitical unrest, some by enonomic bumps and occasionally tweets – but the impact on the markets themselves was consistently shortlived...
Contact:   Maria Dikeos / Refinitiv LPC
The Pulse of Private Equity
When buyout funds face a crisis
The Financial Crisis of 2008 was a manmade one, which gave us a degree of confidence that strict regulatory changes could prevent a sequel...
Contact:   Alex Lykken / PitchBook
High-Yield Bond Statistics
Weekly fund flows source:  Lipper
Covenant Trends 
Accordion Inside Maturity
Private Debt Intelligence
The Expanding Fund Manager Universe
The number of participants in the private debt asset class has grown at a remarkable pace since the GFC. There are currently over 1,700 fund managers active in the industry, over twice as many as five years ago...
Debtwire Middle-Market
Contact:  Hema Oza / Debtwire  
Middle Market Deal Terms at a Glance
Select Deals in the Market
This publication is a service to our clients and friends. It is designed only to give general information on the market developments actually covered. It is not intended to be a comprehensive summary of recent developments or to suggest parameters for any prospective financing opportunity.