For most of its history, private equity was built for institutions – pension funds, endowments, sovereign wealth funds. Individual investors were limited to the ultra-wealthy who could write large checks, tie up capital for a decade, and navigate the nuances of limited partnership structures. In recent years, technologies have developed allowing retail investors to gain exposure. While these structures differ in liquidity and complexity, they have expanded access to an asset class whose benefits are well recognized.
‘40 Act Funds are private funds offered under exemptions to the Investment Company Act of 1940...
Quote of the Week
“The distinction that matters is not whether a private credit portfolio has been touched by this [AI] transition, but how it was constructed in the first place.” – March 2026, Private Credit Update, Hightower Private Market Solutions. (LinkedIn).
Featuring Charts
Chart of the Week: The IT Factor
IT deals commanded a larger piece of the M&A pie in 2025. Source: PitchBook
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Chart of the Week: Leading the Way
The US was a relative bright spot in global private equity fundraising in 2025. Source: Preqin, McKinsey analysis
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Chart of the Week: Clearing the Backlog
US and European exits were on the rise in 2025. Source: Dealogic, Bain & Company
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Chart of the Week: Growth is King
Private equity returns are largely attributable to revenue growth. Source: McKinsey & Co, SPI by StepStone
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Chart of the Week: The Sweet Spot
The middle market punches above its weight. Source: State Street Private Equity Index as of 9/30/2025
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Chart of the Week: Private-Side Only
US companies that go public are opting to stay private longer. Source: Jay Ritter, University of Florida; Apollo’s The Daily Spark
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Features
Octus: Private Credit & Deal Origination Insights – 3/16/2026
Average Marks (FMV / Par) on Non-Accrual Drawn Loans Increased for 3 of the Top 5 Sectors in Q3’25 Click here to request access to the full analysis…. Subscribe to Read MoreAlready a member? Log in here...
Middle Market & Private Credit – 3/16/2026
US Private Credit Defaults Hit New Highs but Losses Remain Contained Click here to learn more. At 9.2%, the default rate within Fitch’s privately monitored ratings (PMR) portfolio exceeded the default rate recorded for Fitch’s broadly syndicated loan (BSL) universe which reached 4.5% for the year. Fitch continues to believe the default rate in the…
The Pulse of Private Equity – 3/16/2026
PE exit activity Download PitchBook’s Report here. US PE exit activity is now clearly out of the woods, securing not only a second consecutive year of growth in 2025 but also a rebound that ranks second only to the record levels seen in 2021…. Subscribe to Read MoreAlready a member? Log in here...
Leveraged Loan Insight & Analysis – 3/16/2026
US primary market loan yields increase to their highest level since April 2025 The average primary market yield, assuming a three-year term to repayment on first-lien institutional term loan Bs, has widened to 8.09% so far in March, driven by higher pricing across single-B rated credits…. Subscribe to Read MoreAlready a member? Log in here...
Bloomberg: Leveraged Lending Insights – 3/16/2026
M&A Activity Provides Support to Stalling US Leveraged Loan Market Click here to access Bloomberg’s US Leveraged Finance Chartbook The US leveraged loan market has struggled to regain momentum following a sharp slowdown in issuance in February, as market volatility continues to weigh on activity. While conditions have shown modest improvement, with $12.1b brought to…
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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