1Q 2023 Private Credit Quarterly Update

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MetLife Investment Management Private Capital Team
MAY 17, 2023

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MetLife Investment Management’s1 Private Credit Group manages over $130 billion2 in assets as of March 31, 2023 and brings over 100 years of investing in the asset class. We offer exceptional access to investment grade deals due to our significant scale, long-standing market relationships, and sector expertise. Given our standing in the infrastructure and corporate private placement markets we often fund an entire deal or become the cornerstone of the deal, which can lead to larger allocations for our clients. Our investment decisions are informed by a team-based risk culture with a time-tested approach to managing risk, combined with proprietary research, and layered independent oversight. We have more than 70 seasoned industry specialists working together to develop customized portfolio solutions to help meet client needs.

Private Corporate Private Placement Market:3

Private Placement Market: 1Q 23 origination stands at ~$16 billion, a significant decline versus $24 billion for the same period last year. The slowdown was primarily attributable to interest rate volatility and uncertainty over a potential recession. The average deal size for the quarter was $146 million across 52 transactions. Volume was led by activity in North America which comprised 78% of total issuance. European volume was 19% and Australia continued to be light with 2% of total issuance followed by a deal out of Japan for 1% of the market issuance. USD led the currency issuance at 92% followed by 4% in EUR, 2% in GBP and <2% in YEN.