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2022 Annual
Global Private Debt Report
March 15, 2023
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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:
Table of contents
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.
Table of contents
| Key takeaways | 3 |
| Fundraising and dry powder | 4 |
| US and European market stats | 7 |
| Private debt fund stats | 8 |
| Spotlight: Private credit growth marched on in Q3, taking more BSL share | 9 |
| LBO and leveraged loan update | 12 |
| Fund type definitions | 18 |