”This is great for us.” That’s how one private credit manager summarized the cumulative impact of noise around the asset class. Tariffs, cockroaches, geopolitics, oil, and AI all took their best shots. But the best shops who stuck to their knitting in the core middle market, held dry powder, and remained trusted PE partners, find themselves exactly where they want to be.
The post-GFC zero-grav environment created an optical illusion for LPs. Low rates and spreads made all private managers look like heroes. Then came COVID. Suddenly, a flood of investors of all stripes and sizes sought private credit for inflation and rate protection...
Quote of the Week
"It’s a fantastic time to separate from the field.” - Gregory Peters, co-chief investment officer, PGIM Credit (Bloomberg).
Featuring Charts
Chart of the Week: Success, Not Overnight
Private credit’s growth story, over a decade old, is still evolving. Source: Preqin.
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Chart of the Week: Open for Business
When public credit markets close, private credit absorbs the shock. Source: FT, Hinze, Rintamaki, Mondini, Steffen.
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Chart of the Week: Setting Expectations
Despite the headlines, direct lending makes up a much smaller share of household and business debt than mortgages did at the height of the GFC. Source: Apollo
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Chart of the Week: The Bigger Picture
Software became less of a sector and more of a defining strategy — particularly among larger funds. Source: BDC collateral
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Chart of the Week: Value Proposition
Despite the noise, ~89% of the KBRA universe is currently marked above 95 — a sign of valuation and credit stability. Source: KBRA DLD Default Research, as of Apr. 28, 2026.
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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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Features
Octus: Private Credit & Deal Origination Insights – 6/1/2026
PIK Scorecard To request access to the full BDC PIK report please click here or email kim.giancaspro@octus.com…. Subscribe to Read MoreAlready a member? Log in here...
Middle Market & Private Credit – 6/1/2026
U.S. Private Credit and Middle Market Performance Monitor: 1Q26 Click here to download report. This report is based on a series of panels held during 1H26. Bank capital constraints, demand for yield from insurers and pension funds, the growth of private markets, and the ongoing digital industrial and energy transformation are all driving innovation, with…
Bloomberg: Leveraged Lending Insights – 6/1/2026
US Leveraged Loans Return 0.57% to Investors in May The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned 0.57% to investors in May, marking the third consecutive monthly gain this year…. Subscribe to Read MoreAlready a member? Log in here...
PDI Picks – 6/1/2026
Solid foundations for real estate debt After a rocky period for property, investors appear to be regaining confidence – in the debt layer at least. Real estate debt accounted for nearly a fifth of all private debt fundraising in the first half of 2025, its largest share in five years, according to Private Debt Investor fundraising data….
The Pulse of Private Equity – 6/1/2026
PE AUM forecast ($T) Download PitchBook’s Report here. By the end of 2030, we forecast global PE AUM to reach $8.8 trillion in our base case, with a plausible range of $7.6 trillion in our downside case to $10.2 trillion in our upside case…. 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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