The number of deals went up to 108 in 2023 from 77 in 2022, the report said.
The increase in both deal count and value was fuelled by several factors, including the stabilisation of interest rates in CY 2023, heightened activity within the real estate sector and a notable increase in deal value resulting from certain large transactions executed during the year, it said.
The surge in deal value was also driven by the Shapoorji Pallonji group's refinancing and Oaktree's Vedanta group investment totaling $2.4 billion. This validates the presence of stress/special situation opportunities and aligns with EY's January 2023 survey, where 38% of fund managers predicted stress-related deals as the primary driver for private credit deals in CY 2023, it added.
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