How two deals capture a decade of growth

The last 10 years have seen private debt firms move from claiming increasing share in the mid-market to starting to do the same at the larger end.

Expert analysis by Andy Thomson

As we celebrate the 10th anniversary of Private Debt Investor, we’ll be presenting you with a feast of related content over the coming weeks. One project we undertook was a 10-year timeline examining the headline-grabbing events that took place during the period. When we turned the clock all the way back to 2013, we found that the spotlight was on the $24.4 billion mega-buyout by private equity firm Silver Lake Partners of PC manufacturer Dell.?

One notable aspect of the deal – among many – was the absence of private debt firms. Banking heavyweights Bank of America Merrill Lynch, Barclays, Credit Suisse (remember them?) and RBC Capital Markets lined up to provide ‘B’ and ‘C’ term loans and bridge finance. Even in the mezzanine layer – where the banks stepped to one side – it was Microsoft coming forward with a hefty $2 billion facility. Private debt was nowhere to be seen...

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