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Our recent survey of 164 private equity executives revealed improved confidence in both the M&A environment over the next twelve months as well as the exit activity emerging from that. Digging further, we see several interesting dynamics about their financing partners and the current strategies employed to maximize deployment and valuations. 

As we’ve noted in the past, “relationships” and “speed and certainty” remain the top priorities for GPs when selecting private capital providers. Amid the see-saw elements of tariffs, rates and other macro issues, this is critical to ensure sellers have confidence their chosen buyers can close. Doing the last deal, and the familiarity with the sponsors’ credit agreement requirements, is often key to winning the next deal.

“Price/terms” was the third most popular consideration. This is important for investors to understand why private credit spreads and financial covenants are stickier than those of liquid alternatives...

The US has quietly become one of the world’s most shockresistant economies.Rick Rieder, chief investment officer, global fixed income, BlackRock (FT).

Featuring Charts

Chart of the Week: Behind the Curve

July 29, 2025

Private equity fundraising through early June is slowest pace in over a decade. Source: PitchBook

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Chart of the Week: Exit Ramp

July 22, 2025

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

July 14, 2025

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

July 9, 2025

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

July 1, 2025

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

June 26, 2025

Since the 2021 peak, global M&A activity has been on the rebound. Source: LSEG

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Features

The Pulse of Private Equity – 7/28/2025

Platform LBO and growth equity deals as a share of all PE deals Download PitchBook’s Report here. PE growth investment activity continues to be an important category, making up 22.3% of all PE deals in Q2, down 30 basis points from the prior quarter…. Subscribe to Read MoreAlready a member? Log in here...

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Leveraged Loan Insight & Analysis – 7/28/2025

2Q25 US MM LBO volume down 30% quarter over quarter Middle market LBO loan volume totalled US$10.28bn in the second quarter, down 30% compared to 1Q25 results but up 2% compared to the year ago period…. Subscribe to Read MoreAlready a member? Log in here...

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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...

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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…

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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…

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