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LMM credits earned a 46.5 bps spread premium in Q2'26
Lower middle-market lenders held their risk/return edge over larger deals in the second quarter.
Sponsored MM leverage falls to its lowest level since 1Q23
Total leverage on sponsored middle market transactions declined to 4.40x in 2Q26 from 4.51x in 1Q26, reaching its lowest level…
Fitch Ratings completes peer review of 13 US BDCs
Fitch Ratings has completed a peer review of 13 U.S. business development companies (BDCs).
Private credit - Signals, concerns, and manager selection
A conversation with Sonali Basak, Chief Investment Strategist at iCapital.
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About Churchill
Churchill, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides customized financing solutions to U.S. middle market private equity firms and their portfolio companies across the capital structure. With $66 billion of committed capital, we provide first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments, secondary solutions and private equity fund commitments.
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PE middle-market pooled IRR and TVPI by TEV size bucket
The lower end of the middle market has generated better returns on average and does not come with significantly more left-tail risk
Investors exit retail loan funds in July
Investors in leveraged loans have been pulling money from retail funds in recent weeks, with redemptions outpacing investments by $253.3b…
LMM credits earned a 46.5 bps spread premium in Q2'26
Lower middle-market lenders held their risk/return edge over larger deals in the second quarter.
Business of Private Credit: Playing to Your Strengths
“Show me a great credit, and I’ll show you a great sponsor behind it.”
For this series, we’ve focused on how core middle market lenders underwrite a borrower. But before the lender ever sees the deal, a sponsor has already spent months, sometimes years, evaluating whether this was a company worth owning.