The word "private" in private credit signifies not just “non-public,” but “non-traded.” This is important from an investor perspective because it means you cannot readily buy or sell private assets the way you can stocks and bonds. These assets are called alternatives because they — like real estate and infrastructure — complement liquid assets. It is the foundational characteristic of the asset class.
Do homeowners expect daily valuations on their properties? No, because they know real estate value is proven over time.
Yet as larger managers focused on the wealth segment, they suggested the line between liquidity for public and private assets was "blurring."...
Quote of the Week
“Retail investors are obsessed with liquidity — this is not like a mutual fund that you put money in on Friday and take it out on Monday.” – Marc Pinto, global managing director of private credit, Moody’s (FT).
Featuring Charts
Chart of the Week: At Any Rate
Default metrics aren’t created equal. How a default is defined and measured can tell very different stories — so knowing what’s behind the number matters as much as the number itself. Source: BofA Global Research.
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Chart of the Week: Queue Here
Investor education is becoming critical as quarterly redemption limits are being tested. Source: Data is derived from publicly available information, including U.S. Securities and Exchange Commission filings.
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Chart of the Week: Ex Uno, Plures
Unlike the US, private credit began as one entity and morphed into many states. Source: Apollo Outlook For Public and Private Markets (April 2026)
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Chart of the Week: Different Strokes
Core and LMM portfolio overlap has remained relatively stable over the past decade. Source: Company filings and Raymond James research
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Chart of the Week: Leverage Takeover
Middle market buyout financings increasingly dominated by direct lenders. Source: LSEG LPC. Middle Market LBO volume.
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Chart of the Week: Perception is Reality
Investors bombarded with scary headlines worrying less about real private credit risks. Source: PitchBook
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Features
The Pulse of Private Equity – 4/27/2026
US PE EV/EBITDA multiples Download PitchBook’s Report here. Global buyout valuations have held steady through the opening months of 2026, with TTM EV/EBITDA multiples hovering near the levels seen during 2024’s recovery and 2025’s subsequent plateau…. Subscribe to Read MoreAlready a member? Log in here...
Leveraged Loan Insight & Analysis – 4/27/2026
Refinancings drove record 1Q26 US ABL volume, excluding the 1Q23 LIBOR/SOFR surge US syndicated ABL activity rose sharply in 1Q26, with total issuance reaching US$29.9bn, up 31% year-over-year and marking the strongest first quarter on record when excluding the LIBOR‑to‑SOFR transition driven surge in 1Q23…. Subscribe to Read MoreAlready a member? Log in here...
PDI Picks – 4/27/2026
Heads turn to Europe There is renewed investor interest in the region even though it’s not yet becoming evident from the fundraising data. Next week Private Debt Investor welcomes the private credit community to London for our annual Europe Summit. There won’t be any shortage of conversational items on the agenda…. Subscribe to Read MoreAlready
Octus: Private Credit & Deal Origination Insights – 4/20/2026
BDC Q4’25 Nonaccruals Octus performed a cross-BDC analysis to identify the total cost and fair value of all tranches held across the BDC sector for any issuer marked as nonaccrual by at least one peer…. Subscribe to Read MoreAlready a member? Log in here...
Leveraged Loan Insight & Analysis – 4/20/2026
1Q26 US Sponsored direct lending volume down across financing purposes Direct lenders raised less than US$77bn to back sponsor activity in 1Q26, a 30% decline compared to 4Q25 results…. 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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