Andrew Hedlund
The level of EBTIDA addbacks is correlated to company size: the bigger the company, the more generous the adjustments. But lenders to smaller companies are still compromising on things they never thought they'd have to agree to only a couple years ago.
The US mid-market lender is seeking $1bn for its fifth flagship fund, which is targeting a net IRR of 11-13%.
The country's 10 largest public business development companies have taken different approaches to accessing debt.
The country's 10 largest public business development companies have taken different approaches to accessing debt.
The firm, which sees managers making decisions they will later regret, will invest in privately negotiated transactions on already-originated loans.
Managers should differentiate themselves by being flexible investment partners to their investors, as a Canadian bank’s research demonstrated this week.
Its 2012-vintage fund posted lacklustre results, while its vehicle launched in 2015 has been among the better performing from that year.
The firm has surpassed the targets for its past two funds, which have been mainly made up of non-private equity-backed companies, and is almost halfway to the third fund's target.
As many powerful financial actors have come out against leveraged lending, the US central bank leader does not see a looming ‘the-sky-is-falling’ moment.
The financial behemoth is the single largest investor in the fund, which is the latest in the Broad Street series.