Private Capital Quarterly Investment Update (4Q 2020)

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Private Capital Quarterly Investment Update (1Q 2021)

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MetLife Investment Management Private Capital Team
MAY 17, 2021

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Private Placement Debt

MIM’s Private Credit business originated $3.04 billion1 in private placement debt and private structured credit across total of 47 transactions in the first quarter. For the first quarter our private credit origination comprised $1.87 billion in corporate private placement transactions, $765 million in infrastructure transactions and $405 million in private structured credit. Our private credit debt portfolio grew to $99 billion billion in AUM as of March 31, 2021.

Corporate Private Placement Market

Private Placement market2

Q1 2021 private corporate issuance came in at $17.3 billion, up from $11.8 billion in the pandemic disrupted Q1 2020. First quarter activity was driven both by issuers looking for liquidity and opportunistic refinancing. The average deal size for the quarter was $255 million across 68 issuers. This is compared to the 82 issuers in the market in Q1 2020. During the first quarter, corporate private placement issuance was led by activity in North America at 72% of total issuance. European volume (primarily the UK), was 22%, Australia was 3% and Latin America was 3%. USD made up 85% of issuance with Sterling at 8%, Euro at 6% and AUD at 1%.