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Lower vs upper quartile IRR spreads US in USD by Investment year
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How to compose a Private Equity Portfolio today?

Get access to the latest analysis presented at the BAI Alternative Investor Conference by Dr. Daniel Schmidt, CEO & Managing Partner at CEPRES about how to compose a Private Equity Portfolio today.

Private Debt in the environment of the most important markets – USA and Europe

“Data driven approach – Private Debt a maturing asset class?”

Get access to the exclusive analysis presented at the SuperReturn Private Credit by Marc Dellmann, Head of Business Development at CEPRES about how to generate investment returns in a maturing Asset Class and make decisions based on empirical proof.

Private Debt Fund Net IRR & Net TVPI comparison by investment era
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2019 CEPRES Private Debt Report now available

The latest CEPRES Private Debt Report is the single source of the truth for private debt transactions. It covers deals from 679 funds and is available now to CEPRES Subscribers. Find out the latest on deal returns, debt pricing, loss rates, leverage multiples and more. Subscribers contact CEPRES for your copy or check out the teaser.

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Private Capital Markets Outlook 2018 Q3

With recent market volatility and peak entry price multiples, LPs are nervous and fundraising volumes are falling off. Revenue growth is now the critical value driver to private market deals and a key topic for LP due diligence.

Find out how the current economic environment is shaping private markets with CEPRES latest research and Market Data insights.

Market Research US Buyout Pricing EV to EBITDA at Entry
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Private Debt Cycles Analysis

Private Debt in the Crisis

CEPRES’ CEO Dr. Daniel Schmidt, presented at the SZ-Specialist Conference: Private Debt and Direct Lending in Frankfurt am Main the latest investment intelligence: Private Debt Cycles Analysis.

  • Loss rates are significantly lower than in the past: this stabilizes the returns, even though interest levels are lower in Direct lending (especially in Europe)
  • Market has changed especially in Europe from mezzanine to direct lending focus
  • Total Interest is not the most relevant factor that impacts the return
  • Default and Loss rates decide on final returns levels
EU Private Debt Invested Capital and EU Private Debt Invested Capital
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Asia Private Equity Returns & the Underlying Drivers

Journey beyond the surface using disruptive data & technology for powerful investing

Mr. Simon Tang, CEPRES’ Partner and Head of Asia, presented at Outperform Asia in Hong Kong latest CEPRES: Asia Private Equity Returns & the Underlying Drivers. Read and learn more about the Asia Private Equity Returns and the journey beyond the surface using disruptive data & technology for powerful investing
Asia Deal Level Returns - Gross IRR by Investment Stage
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Private Equity Valuations in Current Market Conditions

Private Equity Valuations for Buyers and Sellers

We saw how the market dynamics have changed post-GFC and pure multiple expansion is no longer a reliable driver of value creation and investment returns. Further buy: sell multiple compression is still a risk and fund managers and investors should be looking for high growth companies in sectors with strong fundamentals and positive investor sentiment to mitigate this risk. Significant value creation and investment returns are still being generated through strong Revenue growth and investors and fund managers should be positive about the market prospects.

In this analysis, we only looked at North American buyouts and growth across only two sectors. For more information about fundamentals of other market segments, contact us or register at

Entry & Exit Multiple Spread
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Emerging GPs Outperform, but Brands GPs a safe bet

Despite the dominance of mega funds and brand name GPs, new analysis by CEPRES shows that emerging managers (1st and 2nd generation funds) outperform overall. Conversely larger and brand name GPs making larger deals show lower risk with lower loss ratios and higher recovery rates on defaulting deals. There is a strong trend that larger GP groups are more active and raise highest proportion even when entering new territories in new strategies. Constant access and transparency to LPs, instead only temp. during fundraising periods, are proven key drivers.
  • What are their plans for deploying capital and generating the returns investors are looking for?
  • What makes a smaller fund attractive to LPs?
  •  Does it mean the end of small funds, or is there a silver lining for smaller and midsized managers?
Net fund IRR by generation
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US Buyouts dominate the market by 60%

How emerging managers can compete with the constantly growing large GP platforms: Measuring PE.Analyzer 4 activity, large GPs tend to drown out capable emerging managers who also need powerful tools to help them compete on a level playing field.
Nr co-invests by region
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Latest CEPRES Private Debt Report

Risk-Adjusted Returns are the new key measure to understand how Private Debt performs versus other asset classes like Buyouts, Stocks, Fixed Income, etc. During the run-up to the Global Financial Crisis, median IRR returns declined significantly from almost 30% IRR in the early 2000s to nearly 10% IRR in 2007/2008. This trend aligns with the increasing Leverage Multiples and Loss Rates during that period.

The full Private Debt Market Report contains:

  • Performance Overview
  • Default Ratios Overview
  • Performance and Structure of Sponsored vs. Non-Sponsored Transactions
  • Special Analysis (Trends on the Private Debt Market)
Pricing by Deal Tranche Class Chart
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