After a period of volatility, Europe’s leveraged finance market is primed for resurgence, with new and exciting opportunities available to lenders and borrowers alike - Leveraged finance markets in Europe have entered 2025...more
European leveraged finance markets back on track -European leveraged finance markets rallied strongly in 2024, with momentum for new deals and opportunities for borrowers and lenders alike in 2025 - Europe's leveraged...more
As regular Fund Finance Friday readers know, articles in this newsletter often explore emerging trends in fund finance and fund finance-adjacent areas, and in this article, we will look at single-asset back-leverage (“SABL”)...more
U.S. PE deal activity: Deal activity was slightly down in 2024 with a 3% YoY decline, while deal value was up 14%. Transaction activity did not make the strong comeback dealmakers were hoping for in 2024 as investors...more
Jersey and Guernsey (collectively, the "Channel Islands") remain popular for both private equity buyout structures of UK and international corporate groups across various industries and asset classes, and for leverage...more
On this episode of Private Market Talks, we’re joined by Tim Flynn, Co-Founder and CEO of Hayfin, an alternative asset manager that has invested €35 billion of capital across more than 470 portfolio companies since its...more
European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest...more
Sponsors hope increasing competition and the flexibility of Australia’s leveraged finance market will provide increasing optionality during challenging times - Just over a year ago, TPG broke new ground with an AUD$1.5...more
Aggregate global buyout value dipped sharply in the second half of 2022 reverting to pre-pandemic levels—the first three months of 2023, however, have seen an uptick in volume...more
In the wake of several high-profile bank failures over the past week and the turmoil surrounding the larger banking industry in general, it is important to review the permissible uses of idle funds (i.e., funds not actively...more
The U.S. Small Business Administration (SBA) proposed wide-ranging revisions to the regulations governing the small business investment company (SBIC) program on Tuesday, October 18, 2022. Among other things, the proposed...more
HEADLINES - ▪️ Buyout deal value in Western Europe hit an all-time record high by the end of 2021, more than doubling year-on-year ▪️ Private equity (PE) activity supported an 81% uplift in buyout loan issuance...more
Issuers are tapping institutional loan markets for add-on debt at a rapid pace as private equity firms turn to buy-and-build strategies to lower entry multiples and accelerate deployment - Debt issuance to fund add-on...more
HEADLINES - • Buyout deal value in Western Europe hit an all-time record high by the end of 2021, more than doubling year-on-year • Private equity (PE) activity supported an 81% uplift in buyout loan issuance...more
EBITDA has long been the trusted metric for leveraged financings, but the European market is becoming increasingly familiar with a new barometer of performance: annual recurring revenue (“ARR”)....more
Earlier this month the Commission approved two new complex financial products. Despite the approval, the new products sparked comments from Chair Gensler and, in a separate but joint statement, Commissioners Allison Herren...more
For the first time in years, inflation is on the radar for high yield bond and leveraged loan lenders and borrowers—but how might it impact markets? A sustained period of low interest rates and abundant liquidity have been...more
With many borrowers facing a current or looming liquidity crunch but having a committed revolving line of credit potentially available to them, borrowers and lenders need to carefully review their loan documentation when...more
Hogan Lovells was a sponsor of last week's Creditflux/Debtwire European Direct Lending Forum and London leveraged finance partner, Jo Robinson, took part in a panel discussing the influence of large cap precedents on...more
A Small Business Investment Company (SBIC) is a privately owned and operated company that makes long-term investments in American small businesses and is licensed by the United States Small Business Administration (SBA)....more
A small business investment company (SBIC) is a privately owned and operated investment fund that makes long-term investments in U.S. small businesses and is licensed by the U.S. Small Business Administration (SBA) under the...more
Investors in private equity funds need to come in with their eyes open, with consideration given to where and what the pitfalls are, as well as what opportunities exist for avoiding them and perhaps improving the terms of the...more