In response to our Reflections on Wimbledon two weeks ago, a long-time Lead Left reader informed us that the famed tournament is expanding. While we had opined “no one is building new grass courts,” he learned that the All-England Club has purchased an adjacent 100-acre golf course. “Subject to zoning approvals,” he wrote, “plans include 39 new grass courts, a 9,000-capacity stadium court and lots of corporate hospitality.” Thanks, dear reader: 15-love.
While our comment was meant generally, this news supports our thesis that growth and sophistication is coming to the game, both tennis and asset management. Putting points on the board remains necessary to win, and reducing mistakes puts you in the best position to do that.
Back to our survey results, 164 private equity executives revealed new confidence in both their deal activity and returns...
“The continued growth of profits will be enough to prevent a contraction of payrolls.” – John Lonski, president, The Lonski Group (WSJ).
Featuring Charts
Chart of the Week: Exit Ramp
The number of PE exits slumped 1Q after last year’s steady improvement. Source: Preqin Pro
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Chart of the Week: Slowing the Slowdown
Notwithstanding tariffs, economists now view the chances of a recession fading. Source: WSJ Surveys of Economists
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Chart of the Week: Wealth Effects
The share of wealth assets dedicated to private credit is on the rise. Source: FT, Oliver Wyman
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Chart of the Week: Secondary Effects
Since Liberation Day, leveraged loan trading prices have slowly moved higher. Source: Bloomberg US Leveraged Loan Index
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Chart of the Week: The Comeback Kid
Since the 2021 peak, global M&A activity has been on the rebound. Source: LSEG
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Chart of the Week: Midcaps Motor On
Through Covid and rate hikes, middle market loan issuance has tracked up. Source: LevFin Insights, a Fitch Solutions company
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Features
Leveraged Loan Insight & Analysis – 7/21/2025
Unitranche spreads hover around recent market lows The most recent quarter was marked by intense competition among direct lenders and lower than hope for deal flow. In turn, spreads continued to hover around recent lows despite sporadic wider market volatility…. Subscribe to Read MoreAlready a member? Log in here...
Bloomberg: Leveraged Lending Insights – 7/21/2025
Second-Busiest Day of Leveraged Loan Launches Brings Wave of Repricings Click here to access Bloomberg’s US Leveraged Finance Chartbook Following the most active single day of 2025 and the second busiest on record, the US leveraged loan market saw $61.7b in transactions launched to investors on Monday, July 21. By Wednesday, the weekly total had…
Middle Market & Private Credit – 7/21/2025
Fitch Ratings Completes Peer Reviewof 12 US BDCs Fitch Ratings has completed a peer review of 12 U.S. business development companies (BDCs). Fitch has affirmed the Long-Term Issuer Default Ratings (IDRs) on 10 issuers and completed two Review – No Actions. The Rating Outlooks for Oaktree Specialty Lending Corp. and Blackrock TCP Capital Corp. remain…
The Pulse of Private Equity – 7/21/2025
Carveouts/divestitures as a share of all PE buyouts by quarter Download PitchBook’s Report here. Carve-out transactions are running at 10.6% of all buyout deals in 2025, which is comfortably above the five-year average of 8.7% and last year’s 10.1%…. Subscribe to Read MoreAlready a member? Log in here...
Middle Market & Private Credit – 7/14/2025
Private Credit, Public Debate Richard Hunter, Chief Risk Officer at Fitch Ratings, recently published an op-ed sharing his insights on private credit. He addressed frequent questions we receive, including: Does Private Mean Opaque?… Subscribe to Read MoreAlready a member? Log in here...
Middle Market Deal Terms at a Glance
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Beginning in July 2022 The Lead Left published a series of articles on credit market. This report consolidates those articles.
Cov-lite trends Inflation & rising interest rates – LIBOR to SOFR transition Mega-tranche uni trend ESG takes center stage Login to view interactive report and download PDF version. … Subscribe to Read MoreAlready a member? Log in here Related posts: 2H 2021 Midyear Outlook Report State of the Capital Markets – Fourth Quarter 2016 Review and
Beginning in September 2021 The Lead Left published a series of articles on supply chain. This report consolidates those articles.
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