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2023 Annual
Global Private Debt Report
March 20, 2024
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Solid returns bolster private debt fundraising
Private debt funds have delivered strong performance, producing an estimated net return of 8.2% for the 12-month period ended Q3 2023. This makes it the second-best-performing private market strategy during that span, according to our 2023 Annual Global Private Debt Report, sponsored by the American Investment Council, which explores the latest trends shaping the asset class.
Private debt was also the second-largest fundraising strategy of the year, overtaking VC. When the final numbers are in, the total value of private debt funds closed in 2023 will likely exceed $200 billion for the fourth consecutive year.
Table of contents
Solid returns bolster private debt fundraising
Private debt funds have delivered strong performance, producing an estimated net return of 8.2% for the 12-month period ended Q3 2023. This makes it the second-best-performing private market strategy during that span, according to our 2023 Annual Global Private Debt Report, sponsored by the American Investment Council, which explores the latest trends shaping the asset class.
Private debt was also the second-largest fundraising strategy of the year, overtaking VC. When the final numbers are in, the total value of private debt funds closed in 2023 will likely exceed $200 billion for the fourth consecutive year.
Table of contents
| Key takeaways | 4 |
| Fundraising and dry powder | 6 |
| US and European market stats | 11 |
| Private debt fund stats | 12 |
| A word from AIC | 13 |
| Spotlight: Introducing LCD's dual-track default rate: Sponsors drive distressed exchanges | 15 |
| LBO dealmaking and take-private update | 17 |
| Private debt fund performance | 20 |
| Fund type definitions | 22 |