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Madeline Shi

Senior financial writer

Senior financial writer Madeline Shi writes about private equity and the debt markets for PitchBook News. Previously she has written for news outlets including Debtwire, With Intelligence (formerly Pageant Media), Business Insider and CoinDesk. Madeline earned a graduate degree from New York University’s school of journalism and is a graduate of Northeast Normal University in China. She is based in Seattle.

ARTICLES BY CURRENT AUTHOR

Public PE firms ride rising tide of private credit

The private credit portfolios held by seven public PE firms posted a higher median return than their PE strategies in 2023

Goldman Sachs unveils new semi-liquid private credit fund amid private wealth push

Goldman Sachs expands European private credit strategies to wealthy individual investors

Mid-market lender expects distressed debt opportunity to rise

A growing swath of troubled corporate borrowers that need to restructure their liabilities may create opportunities for investors that specialize in distressed debt, says the head of credit at Charlesbank Capital Partners.

US PE earnings dashboard

In this quarterly dashboard, we track trends in key performance metrics for public PE firms from company filings and PitchBook data.

TPG reports decline in key profit metric

TPG reported a year-over-year drop in distributable earnings.

Mezzanine outpaces other private credit strategies

Mezzanine fund returns outclass other private credit strategies.

Real assets outshines other private capital strategies

Real assets fund performance beat other private capital strategies for the fourth quarter running.

Why secondary buyers prefer mid-market continuation funds

The middle market has become a sweet spot for continuation fund investors.

Energy becomes bright spot in M&A dealmaking

Energy emerged as a bright spot in M&A dealmaking last year, while other sectors such as technology and healthcare experienced lukewarm M&A deal activity.

Jefferies dealmaker expects secondary market volume to hit record

Managing Director at Jefferies expects 2024’s secondary market volume to hit record level.

The five largest secondary funds in the market

Lexington Partners’ eye-catching $22.7 billion secondary fund gave 20204 a kickstart. The buzz surrounding the secondary market suggests another boom year for this asset class. There are 134 secondary funds in the market seeking fresh capital. The largest one to watch is Ardian Secondary Fund IX, which has a target of $25 billion. We have compiled a list of the five largest secondary vehicles that are currently open, ranked by their fundraising targets.

PE buyers eye cash-constrained startups for add-ons

PE-backed portfolio companies are acting on the opportunity to capitalize on the slumping valuations of venture-backed companies and pursue add-ons at cheaper prices than they could find two years ago.

What PitchBook analysts predict for PE for 2024

Will private equity dealmaking remain constrained by the higher-for-longer interest rate environment? Will fundraisers tread a rocky path or find smoother ground? As 2024 gets fully underway, here are some predictions from PitchBook analysts on how the private equity market may behave this year.

Heat is on for PE exits to rebound in 2024

Dealmakers are optimistic about a rebound in PE exits this year.

Private equity exit troubles hit the middle market

In Q3, the value of PE middle-market exits hit one of its lowest levels since the global financial crisis.

Carveouts, add-ons key as PE firms strategize for 2024

Dealmakers expect PEs to focus on portfolio management next year, using strategies like add-ons and carveouts to bolster their portfolio companies.

Private credit lenders yield some ground as competition increases

As the competition has accelerated in the last three months, spreads and upfront fees on recently issued private credit loans have narrowed, market sources say.

AllianceBernstein launches NAV lending initiative

AllianceBernstein unveiled its new NAV lending business with a $500 million anchor investment from its insurance parent, Equitable Holdings.

Meet the 5 most active PE investors in life sciences

The life sciences industry has drawn considerable interest from private equity, which injects billions of dollars into this rapidly growing segment.

KKR ramps up insurance bets in fundraising dry spell

KKR has announced one of PE’s largest insurance bets this year, a $2.7 billion agreement to increase its stake in life insurer Global Atlantic.

How long can the ‘golden age’ of private credit last?

This is a good time for private credit, but the asset class’s resilience hasn’t been tested during a real downturn. And some allocators are watching with caution.

Private credit lenders shy away from club deals

Increased risk and economic uncertainty are making it harder to get multiple lenders on the same page, hamstringing some lenders’ willingness to lead a club deal.

Opportunities emerge in asset-based credit market for alternative lenders

Ares Management is eyeing opportunities arising from bank asset sales, consolidation in fintech, and the sale-leaseback market.

M&A advisers share checklist for 2024 rebound

Dealmakers hope an end to the interest rate hikes, a narrowing valuation gap and more stable geopolitical conditions will bolster deal activity next year.

Distressed debt investors prepare for 2024 opportunities

Distressed debt funds had a period of lackluster performance in recent years. But some managers expect the tide to turn soon, helped by a daunting maturity wall.

Lower-mid-market PE shop expands into private credit amid regional bank retreat

A boutique PE firm recently launched a private credit business to capture rising corporate lending opportunities in the lower middle market.

10 private debt funds tackling the energy transition

A growing slate of firms has raised new private debt funds dedicated to supporting the climate transition.