Chart of the week

Showing 25–30 insights out of 332 results
Oct 4, 2024
By Research
2 minute read
Chart of the week

Shrinking public markets mean growth in private markets

Take-private volume has outpaced IPO volume by 3.5x since 2022. This represents an accelerating shift in opportunity toward private markets.

Column chart showing the IPO- and take-private volume by year. Since 2022, take-private volume has outpaced IPO volume by more than 3.5x, highlighting a trend in which the number of publicly traded firms has halved, from about 8,000 to 4,000 since the mid-1990s, while the opportunity set within private markets has seen corresponding growth.
Sep 27, 2024
By Research
2 minute read
Chart of the week

Middle market at the center of U.S. job growth

With employment data in focus, the middle market has shined, outpacing job growth in small and large-cap firms by more than double.

Sep 20, 2024
By Research
2 minute read
Chart of the week

New rate regime, same rate volatility?

Fed rate cuts have not appeared to end rate volatility. Treasury yields retraced their decline as markets digested a still data-dependent Fed.

Line chart showing the path of 2- and 10-year Treasury yields this week. Yields plunged immediately after the Fed announced the 50 basis point cut but retraced nearly all of the decline in the subsequent 24 hours as investors digested that the Fed’s data-driven approach and continued focus on inflation could prolong rate volatility.
Sep 13, 2024
By Research
2 minute read
Chart of the week

Credit quality comes into focus amid heightened volatility

High yield bonds have outperformed senior secured loans in recent months, given their more attractive duration profile and higher credit quality.

Column chart showing high yield bonds’ monthly out- or underperformance versus senior secured loans. Whereas loans outperformed through much of the past year, high yield bonds have outperformed each of the past four months as investors prepare for a rate cutting cycle and emphasize higher-quality credit amid signs of an economic slowdown.
Sep 6, 2024
By Research
2 minute read
Chart of the week

Middle market private equity outperforms amid elevated rates

Middle market private equity has outperformed mega cap PE amid the elevated rate environment since Q2 2022. It remains well-positioned today.

Column chart showing middle market private equity funds’ annual out- or underperformance each quarter since Q1 2019. Middle market PE funds notably outperformed after the Fed ended it’s zero interest-rate policy (ZIRP). This sector has historically shown less interest rate sensitivity and relied more on organic growth (improving earnings, growing margins, expanding product lines) to drive value creation than large- and mega cap funds.
Aug 30, 2024
By Research
2 minute read
Chart of the week

Alternative lenders fill a growing CRE lending void

As CRE deal volume shows signs of thawing, alternative lenders sit in an excellent position to capture attractive income opportunities.

Column chart contrasting CRE loan originations during the first half of 2023 and 2024. Alternative lenders spiked from 23% of origination during the first half of last year to 40% during the first half of this year. Meanwhile, banks saw a commensurate decline from 42% during 1H 2023 to 26% in 1H2024. Insurance and CMBS originations remained relatively static over the same timeframes.
Showing 25–30 insights out of 332 results

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