“Private credit is, by its nature, still an illiquid asset class.” No amount of wishing will make it otherwise. As a superb report by Hightower Advisors details, understanding that truth is key for retail investors to sort through today’s market noise.
For while private credit is being held for questioning under suspicion of…well, everything, hundreds of sophisticated institutional clients are enjoying its enormous benefits. Far from redeeming their interests, the vast majority are maintaining or increasing their exposure. What do they know that others fail to grasp?...
Quote of the Week
“Non-tradeds (BDCs) will likely be fine in the base case, and perhaps improve on their design for the long run.” – Wells Fargo Equity Research, March 2026.
Featuring Charts
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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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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Features
Octus: Private Credit & Deal Origination Insights – 3/30/2026
Over One-third of the Information Technology Sectors’ Non-Accrual Loans Were Marked at 25 or Below as of Q3’25 Click here to request access to the full BDC market analysis. Click here to learn more about private credit’s software exposure…. Subscribe to Read MoreAlready a member? Log in here...
The Pulse of Private Equity – 3/30/2026
PE exit activity with exits of $1 billion or more Download PitchBook’s Report here. Exit count remains 9.7% below pre-pandemic averages, as exits have been centered around large transactions rather than numerous transactions…. Subscribe to Read MoreAlready a member? Log in here...
PDI Picks – 3/30/2026
Scrutiny of ‘liquid’ private credit grows Investor redemptions have created some negative headlines around the asset class, with concern focused on fund structuring. Private credit’s evergreen challenges are the fault of poor design or marketing, rather than an inherent issue with the underlying asset class. That was the message for attendees at the Milken Institute…
Octus: Private Credit & Deal Origination Insights – 3/23/2026
Leverage Widened QoQ Across the top 5 Sectors Tracked in Q4’25, Except for Business Services; Spreads Tightened for Most Except for the Healthcare Sector Octus’ private credit data shows that software and technology deals saw the highest leverage by sector in Q4’25, while spreads continued to compress…. Subscribe to Read MoreAlready a member? Log in
Middle Market & Private Credit – 3/23/2026
Software Deferrable Exposure Rising in U.S. Middle Market CLOs Click here to learn more. Technology-software assets in deferrable asset exposure are increasing within U.S. middle market (MM) collateralized loan obligations (CLOs) under Fitch’s surveillance. Selected indentures have also evolved their definitions of “Deferrable Obligation”. These trends drive elevated aggregate deferrable exposure in MM CLOs…. Subscribe
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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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