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With teams valued at sky-high prices, deal participation is limited to institutional investors such as SWFs and PE firms (and the occasional billionaire). Among the bulgebrackets , Goldman Sachs and JP Morgan should be at the top of this list now that they have dedicated teams (plus their existing reputations and market shares).
As a result, private debt providers and the syndicated market increasingly are competing on pricing and covenant packages to win new acquisition financing mandates, and many bulgebracket banks are sponsoring their own private debt funds. Still, average leverage levels in sponsor buyouts declined from 7.1x in 2022 to 5.9x
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