Since 2018, European credit funds have fully or partially equitized at least 61 loans provided to companies backed by some of the biggest names in private equity. The statement is based on an analysis by ION Analytics’ Debtwire, which provides insights into the entire deal-making cycle for leveraged capital markets professionals.

However, of those 61 equitized deals, only five have been fully realized, leaving debt funds with 56 equity positions on their books at a time when exits are at a three-year low. Debtwire’s new report analyzes each transaction to form a clearer picture of a notoriously opaque part of the market, shining a light on key lenders and sponsors, as well as sectors and geographies with the highest levels of debt-for-equity swaps.

Prominent credit providers such as Goldman Sachs, KKR, and CVC Credit, among dozens of others, have participated in debt-for-equity swaps since 2018, taking full or part ownership of companies to which they had been lenders.

Download the report to learn more.