Markets happen when you’re making other plans. This was true again last week as confrontation with Iran, instead of caving US markets, supported them. Equity indices approached record highs, and the US dollar strengthened, at least for a time. We expect inflation and rate uncertainty will continue to weigh on investors.
Nevertheless, April’s “sell America” motif has shifted. “We didn’t sell anything,” one experienced investor told FT’s Katie Martin. “The world is overweight US for a reason.” That again puts the spotlight on what private markets can do in an ever-changing macro landscape.
At the bank-replacement end of the market, large asset managers see convergence as a trend. One example is the confluence of channels: retail and institutional. Then there’s the blurring of assets: public and private. And finally, as distribution from managers to investors becomes more sophisticated, differences in asset liquidity should narrow as well...
“Markets can take some comfort in that we’ve, in a sense, weathered some of the storm.” – Yung-Yu Ma, chief investment strategist, PNC Asset Management (WSJ).
Featuring Charts
Chart of the Week: Wealth Effects
The share of wealth assets dedicated to private credit is on the rise. Source: FT, Oliver Wyman
Read More
Chart of the Week: Secondary Effects
Since Liberation Day, leveraged loan trading prices have slowly moved higher. Source: Bloomberg US Leveraged Loan Index
Read More
Chart of the Week: The Comeback Kid
Since the 2021 peak, global M&A activity has been on the rebound. Source: LSEG
Read More
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
Read More
Chart of the Week: Mission Unstoppable
Private credit AUM expected to continue steady growth, driven by direct lending. Source: Fitch Ratings, Preqin
Read More
Chart of the Week: Rising Sun
Japan’s long-dated bond yields have moved up sharply so far in 2025. Source: The Daily Shot
Read More
Subscribe Now!
Join the leading voice of the middle market. Try us free for 30 days.
Click here to view the Newsletter sample.
What is the Lead Left?
- One-stop source for deals and data
- Market trend commentary and analysis
- Exclusive interviews with thought leaders
View Article By
Features
The Pulse of Private Equity – 7/7/2025
PE capital raised ($B) by age bucket (2010-2025) Download PitchBook’s Report here. Looking at the funds that face the most imminent fund terms, 11.8% of active funds are 10 to 11 years old, and 13.7% of active funds are 8 to 9 years old…. Subscribe to Read MoreAlready a member? Log in here...
Leveraged Loan Insight & Analysis – 7/7/2025
As overall issuance slips in 2Q25, strategic M&A remains a bright spot for LevFin market Leveraged finance issuance topped US$343bn in 2Q25, down approximately 30% from 1Q25 and off nearly 40% versus 2Q24…. Subscribe to Read MoreAlready a member? Log in here...
PDI Picks – 7/7/2025
2025 sees fundraising extremes Our data shows the brakes have been slammed by investors after a fast start to the year for those raising fresh capital. ‘Volatile’ is the word frequently being used to describe the economic and political backdrop to investing today. For private debt managers, that same volatility is being seen on the…
Middle Market & Private Credit – 7/7/2025
Smaller, Non-Systemic U.S. Banks Most Concentrated to Non-Bank Lending Click here to download report. Executive Summary: Evolving regulation has shone the spotlight on liability-driven investment strategies, driven by the optimization of technical provisions…. Subscribe to Read MoreAlready a member? Log in here...
Bloomberg: Leveraged Lending Insights – 6/30/2025
Leveraged loan prices continue to climb in secondary market The Bloomberg US Leveraged Loan Index (Ticker: LOAN) advanced 0.76% in June after a 1.53% gain in May, bringing its year-to-date return to 2.77%…. Subscribe to Read MoreAlready a member? Log in here...
Middle Market Deal Terms at a Glance
provided by
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.
Our Content Partners
