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Preqin Quarterly Update: Private Debt Q4 2022




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quarterly update | insights+
Private debt is in demand, with fundraising reaching an all-time high in 2022

By RJ Joshua, CFA

January 31st, 2023


The difficult macroeconomic environment that investors endured throughout 2022 has abated slightly. In the fourth quarter, we saw the return of some optimism, with risk assets rallying broadly and rebounding from the year’s lows. The S&P 500 was up by 7.1% in the final quarter, while the MSCI World Index increased by 9.8%.[1] Credit spreads tightened as the effective yield on high-yield bonds fell by around 60 basis points (bps) in the US.[2] Yet the yield curve is still inverted, with the 2s10s spread at -53bps as of December 31, 2022.[3] Continued easing of credit conditions could provide a tailwind to risk assets, including debt and private debt.

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Fig. 1: Global quarterly private debt fundraising, Q1 2017 – Q4 2022
Fig. 2: Fund types targeted by private debt investors over the next 12 months, Q4 2021 vs. Q4 2022
Fig. 3: Private debt fundraising in Q4 2022 by primary geographic focus
Fig. 4: Private debt assets under management, Dec 2011 – Jun 2022
Helios 3.0 by Colmore

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