Debt, Mezzanine Funds Continue to Attract Investors
September 10, 2015
The discussion regarding overly heightened private market valuations has continued to heat up, and with recent volatility in public equities, many have questioned when and if PE shops will begin deploying their piles of dry powder. To that end, debt and mezzanine vehicles have continued to raise more and more capital in recent years, which, to an extent, ensures GPs that the debt needed to complete deals is out there. According to the PitchBook Platform, 67 debt or mezzanine funds have closed thus far in 2015 on roughly $38.5 billion, with the year on pace to see about $55 billion earmarked for those funds. This compares to $45.5 billion raised across 91 such vehicles in 2014 and $20.7 billion across 64 funds in 2010. It's safe to say the catalyst resource needed to close out buyouts is readily available.
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