2018年-德勤全球_The_Deloitte_Alternative_Lender_Deal_Tracker_60页_4mb

Deloitte Alternative Lender Deal Tracker Q4 2017 Summary

Core Content Overview

This report presents the Deloitte Alternative Lender Deal Tracker for the fourth quarter of 2017, highlighting the growth and evolution of the Direct Lending market across Europe. It outlines key trends, deal data, and insights into the broader economic and regulatory environment that influences the sector.

Main Trends and Developments

• Market Growth: The Direct Lending market saw a 32% increase in deal flow compared to the previous year, with 103 deals in Q4 2017, marking a 51% rise from the same period in 2016.
• Economic Drivers: The robust Eurozone economy (2.5% GDP growth in 2017) and UK growth (1.8%) contributed to increased lending activity, though the UK faced challenges with inflationary pressure affecting consumer demand.
• Equity Market Volatility: The start of 2017 brought equity market turbulence, notably in February, due to concerns over inflation and interest rates. This led to a 6% drop in the S&P500 and similar declines in European indices.
• Direct Lenders Adaptation: Direct Lenders are evolving their product suite, moving from vanilla senior debt to more sophisticated structures such as hybrid ABL and specialty finance, targeting consumer and SME loans.
• Focus on Event Financing: The report emphasizes the use of unitranche and bespoke structures for event financing, with unitranche being the dominant structure in the UK (56%) and Europe (50%).

Key Markets and Deal Data

• Top Markets: The report covers 63 major Direct Lenders across Europe. The UK and France saw the highest deal counts, with 36% and 19% increases respectively, while Germany saw a 3% increase.
• Polish Market: As an emerging market, Poland recorded 10 large deals in 2017, with a 4.6% GDP growth outperforming the Eurozone, making it a promising market for future Direct Lender activity.
• Deal Purpose: 65% of deals in the UK and Europe were used to fund buyouts, with 361 deals in the last 12 months, of which 67 did not involve private equity sponsors.
• Deal Structure: Unitranche remains the most common structure, especially for senior debt (priced at L + 650bps or above). Subordinate structures accounted for 18% of transactions.
• Landmark Deals: Several notable unitranche deals were completed in Q4 2017, including Crouzet (France), Daltys (France), Bergman Clinics (Netherlands), and Schuelerhilfe (Germany), among others.

Fundraising Highlights

• European Fundraising: In 2017, European Direct Lenders raised a record $24.5 billion, driven by the final closing of ICG Senior Debt Partners III, which accounted for 60% of Q4 European fundraising.
• North American Fundraising: North America also saw a record-breaking fourth quarter, with $12.4 billion raised, more than double any previous quarter. This was due to the final closings of the five largest fundraising initiatives in 2017.
• Fund Sizes: The largest European funds closed in 2017 include:
  • ICG Senior Debt Partners III: €5,200m
  • Alcentra Clareant European Direct Lending Funds II: €4,300m
  • Hayfin Direct Lending Strategy II: €3,500m
  • Bluebay Senior Loan Fund: €2,900m
  • Permira Credit Solutions Fund III: €1,700m
• North American Funds:
  • HPS Specialty Loan Fund 2016: $4,500m
  • Ares Private Credit Solutions: $3,400m
  • Benefit Street Partners Debt Fund IV: $2,500m
  • Cerberus Levered Loan Opportunities Fund III: $2,050m
  • TCP Direct Lending Fund VIII: $1,900m

Geographic and Industry Insights

• Geographic Growth: The UK, France, and Germany were the top markets, with varying rates of deal growth. The Benelux, Nordics, and other European regions also showed steady expansion.
• Industry Distribution: In the UK, Business, Infrastructure & Professional Services (23%) and TMT (16%) were the top industries using Alternative Lending. In the rest of Europe, the main industries included Business, Infrastructure & Professional Services, Manufacturing, Healthcare & Life Sciences, Consumer Goods, and TMT.
• Brexit Impact: The UK's exit from the EU remains a significant challenge for businesses, with high street retailers and casual dining chains experiencing financial distress and entering administration or CVA arrangements.

Investor and Market Outlook

• Investor Sentiment: Despite high dry powder levels and intense competition, the fundamentals of Direct Lending remain strong, with investors showing continued interest.
• Future Opportunities: The report anticipates growth in 2018, especially in revolving credit facilities, which offer a favorable risk/return profile if funds can achieve critical mass and utilize leverage facilities.
• Market Differentiation: Direct Lenders are increasingly differentiating themselves by offering diverse product suites, appealing to a broader range of borrowers and LPs.

Conclusion

The Direct Lending market has shown resilience and growth in 2017, with increased deal volume, sophisticated product development, and strong fundraising activity. While economic uncertainties and market volatility pose challenges, the sector is adapting and expanding, particularly in emerging markets like Poland and specialty finance areas. The report suggests a positive outlook for 2018, with continued expansion and innovation expected.