Private credit deals to grow 47 percent to $7.8 billion in 2023

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Ahmedabad: Private credit deals have increased by 47 percent to $7.8 billion in 2023 as compared to $5.3 billion in 2022. According to a report, the number of deals increased from 77 in 2022 to 108 in 2023.

The increase in both deal count and value in CY 2023 was driven by several factors, including stability in interest rates, increased activity within the real estate sector. And deal value increased significantly as a result of some of the larger transactions done during the year. The increase in deal value was due to the Shapoorji Pallonji group's refinancing and Oaktree's Vedanta group's investment totaling $2.4 billion.

Fund managers remain optimistic about the availability of adequate funds, which has resulted in an increase in fund registrations and fundraising over the past 12 months. A number of funds showed a strong number of exits, strategically unlocking value in various sectors. While optimism prevails, risk management and post-trade monitoring are critical to ensure credit costs remain under control.

Based on data published by SEBI, at least 11 new AIFs with credit/special situation orientation have been registered in the second half of 2023 and five are in process for registration. In addition, nine funds have announced that they have raised a total of more than $2 billion in the second half of 2023. In 2023, global funds contributed about 63 percent of total deals by value. The real estate sector attracted a total investment of $1.7 billion in 2023 compared to $1.6 billion in 2022.

Half of those surveyed believe that in the next 12 to 24 months, capex-related financing will account for the largest share of private financing deals. While realty was also seen by fund managers as the sector with the highest deal activity over the next 12 to 24 months, interestingly, the real estate sector was also seen as the riskiest sector in the current private credit portfolio.

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