According to iCapital, private credit refers to “tailored financing options – typically loans – that are directly made to strategically identified companies by non-bank lenders. These…may include direct loans, distressed debt, asset-based loans or specialty finance solutions.”
Unfortunately, the term has become a stand-in for bubble risk, panicking retail cash, and scavenging insects. This framing stereotypes the asset class and ignores the more disciplined, historically grounded aspects of the market...
Quote of the Week
“If I allowed more people to redeem, I’m not a fiduciary to those who are staying in.” – Larry Fink, chief executive officer, BlackRock Inc. (Bloomberg, BBC).
Featuring Charts
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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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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Features
PDI Picks – 4/6/2026
Five key takeaways from the secondaries market The rise of the GP-led deal and suspicion over valuations are among the themes emerging from our latest study of secondaries. With secondaries activity thriving across alternative asset classes, the latest Global Market Survey 2026 from Private Debt Investor’s affiliate title Secondaries Investor reveals the following insights: 1….
Leveraged Loan Insight & Analysis – 4/6/2026
LBO leverage multiples hold steady, show signs of normalization in 1Q26 Although leverage multiples on recent large cap LBOs have eased marginally, averaging 5.5x in 1Q26 versus 5.6x in 4Q25, debt composition has shown signs of normalization…. Subscribe to Read MoreAlready a member? Log in here...
The Pulse of Private Equity – 4/6/2026
PE-backed company inventory by deal year Download PitchBook’s Report here. As of Q4 2025, the US PE inventory has grown to over 13,143 companies…. Subscribe to Read MoreAlready a member? Log in here...
Middle Market & Private Credit – 4/6/2026
US Private Credit Transparency Improves Amid Interconnectedness Risks Click here to learn more. In recent years, bank and insurance regulators have pushed for more private credit disclosure in response to emerging risks. For life insurers, potential risks include meaningful investment exposure, capital adequacy for privately rated investments and potential conflicts of interest associated with growing…
Octus: Private Credit & Deal Origination Insights – 4/6/2026
Amount of PIK Loans Elevated w/ Near Term Maturities Read the analysis here. For accessing Octus’ full overview of individual and aggregate BDC exposure to software loans, please email directly. There appears to be very little correlation between loans priced below 90% of par and BDCs’ exposure to loans with PIK interest…. Subscribe to Read MoreAlready a member?
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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