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The State of the Private Capital Markets Private Capital Markets LaunchPad June 10, 2011 John K. Paglia, Ph.D., CFA, CPA  Associate Professor of Finance Senior Researcher, Pepperdine Private Capital Markets Project
 
 
 
[object Object],[object Object],[object Object],[object Object],[object Object],Pepperdine Private Capital Markets Project
 
[object Object]
Prob. of failure finally declines Net income expectations positive
Confidence rebounds sharply Optimistic about growth
What are Owners Focusing on Today?
Finally ended layoffs and CAPEX reductions
Still increasing collection times Pricing power or inflationary response? More competitive  than ever
Business Owner Access to Capital  (Net Increases) Finally reversed deteriorating capital access
[object Object],[object Object],What is the State of Financing?
[object Object],[object Object],[object Object],Capital Access Drives Valuations  and Deal Flow in the Middle Markets
 
[object Object]
[object Object],[object Object],[object Object],[object Object],What’s Happening in Banks?
[object Object],[object Object],[object Object],What’s Happening in Banks? (Cont’d)
[object Object],[object Object],[object Object],[object Object],What’s Happening in Mezz?
Tightness of Financial Covenants, Warrant Coverage and PIK Features  Warrant coverage declines Covenants less restrictive
[object Object],[object Object],[object Object],What’s Happening in PE?
[object Object],[object Object],[object Object],What’s Happening in PE? (cont’d)
[object Object]
[object Object],[object Object],[object Object],Compared to Six Months Ago
40% of Business Sale Engagements Expired Without a Transaction
Valuation Gaps for Non-Transacted Engagements
Difficulty Securing Senior Debt?
Balance of Capital with Businesses Worthy of Financing: Surplus or Shortage?
Top Issues Facing Privately Held Businesses (Today versus Emerging) Today Emerging
 
[object Object],[object Object],[object Object],[object Object],[object Object],Thank You!

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