Leverage

Dividend recaps and back-levered preferred equity are among the trends to emerge in the past year, according to a survey obtained exclusively by Secondaries Investor.

The 10 largest secondaries funds in market are targeting a combined $70.5bn, compared with $39.45bn being sought by the largest debt funds, Secondaries Investor data show.

There are signs that a big potential source of dealflow may be starting to develop in the private debt market.

Secondaries is a strategy open to several hidden risks and investors need to be aware of potential pitfalls.

Credit and distressed funds accounted for 20% of GP-leds deals in H1, according to data from Greenhill.

Richard Golaszewski, an almost decade-long veteran of the Japanese banking giant, has left to pursue a new opportunity.

A few dozen positions held in the 2005- and 2007-vintage Sankaty Credit Opportunities Funds II and III were moved into a separate vehicle in a deal that closed in early June.

The deal gave investors in Avenue Capital Group's 2011-vintage Europe Special Situations Fund II the option to sell their stakes at par or roll over into a new vehicle.

Deal volumes so far this year point to a bigger first quarter than last year, according to advisor Triago.

Interactive charts showing return expectations, drivers of pricing, use of leverage and other key points from Evercore and Setter Capital's full-year reports.