“Investors need to understand that private markets don’t have the same degree of transparency as public markets.”
If we’ve seen one version of this quote, we’ve seen a million. Private credit and opacity are the media's favorite couple. One would think sophisticated investors simply hand over capital to managers, then wait in the dark for signs of life.
Conflating "lack of publicly available information" with "lack of pricing” is central to this misconception. There is no shortage of materials for investors to develop well-informed understandings of the asset class...
Quote of the Week
"Public markets rely on wisdom of the crowds but are subject to the madness of mobs. Private markets reflect the wisdom of experts.” - Michael Meehan, portfolio strategist, Nuveen.
Featuring Charts
Chart of the Week: The Clear Choice
Transparency and track records matter most to private credit investors. Source: Coalition Greenwich, Private Credit Market Structure Survey
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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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Features
Leveraged Loan Insight & Analysis – 6/8/2026
US syndicated sponsored loan volume tops US$483.8bn YTD, driven primarily by refinancing activity US sponsored lending reached US$483.8bn year-to-date through May of 2026, marking an increase of 29% compared to the same period last year, with refinancings accounting for US$281.3bn in volume, while new money totaled US$202.5bn, or 58% and 42% of issuance, respectively…. Subscribe
Bloomberg: Leveraged Lending Insights – 6/8/2026
US Leveraged Loan Launches Remain Steady in June The US leveraged loan market has seen launches totaling $19.13b through Wednesday June 10, following $22.85b of deal flow last week. The market has regained steam following a sharp slowdown in issuance earlier in the year, as volatility kept most dealmakers sidelined. Issuance in May totaled $104.9b,…
Octus: Private Credit & Deal Origination Insights – 6/8/2026
BDC Benchmarking: Financial overviews and comparison For the full report, covering fund-level financial, portfolio comparisons and individual loan analysis, please click here or email kim.giancaspro@octus.com…. Subscribe to Read MoreAlready a member? Log in here...
Middle Market & Private Credit – 6/8/2026
Structured Finance: Intersection with Private Markets Click here to download report. Fitch’s latest market research report breaks down key transaction types at the intersection of private markets and structured credit—from asset-based finance and CLOs to SRT and fund finance—covering their structure, usage, and rating evaluation…. Subscribe to Read MoreAlready a member? Log in here...
The Pulse of Private Equity – 6/8/2026
Middle-market and megafund PE IRR dispersion (vintage years 2018-2021) Download PitchBook’s Report here. For much of the past two decades, PE delivered a consistent premium over public markets that justified its illiquidity and fee load—a proposition that is now under pressure…. 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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