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H1 2023
Global Private Debt Report
September 25, 2023
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Private debt fundraising and performance move up the ranks
Private debt has overtaken venture capital among the top private markets fundraising strategies of the year, second only to private equity. The Federal Reserve’s decision to keep interest rates higher is a reminder of its appeal as floating-rate loans continue to beat bonds and almost equal stocks with their returns to date. Direct lending remained the most favored substrategy, while mezzanine financing and special situations were close behind.
Our H1 2023 Global Private Debt Report, sponsored by Triton Debt Opportunities, covers the latest trends and topics in the private debt funds market.
Table of contents
Private debt fundraising and performance move up the ranks
Private debt has overtaken venture capital among the top private markets fundraising strategies of the year, second only to private equity. The Federal Reserve’s decision to keep interest rates higher is a reminder of its appeal as floating-rate loans continue to beat bonds and almost equal stocks with their returns to date. Direct lending remained the most favored substrategy, while mezzanine financing and special situations were close behind.
Our H1 2023 Global Private Debt Report, sponsored by Triton Debt Opportunities, covers the latest trends and topics in the private debt funds market.
Table of contents
| Key takeaways | 3 |
| Fundraising and dry powder | 4 |
| US and European market stats | 8 |
| Private debt fund stats | 9 |
| A word from Triton Debt Opportunities | 10 |
| Spotlight: Direct lending slows, but outpaces syndicated loans | 13 |
| LBO dealmaking and take-private update | 15 |
| Private debt fund performance | 18 |
| Fund type definitions | 20 |