A Loan for All Seasons (First of a Series)
When we began our career in the middle market four decades ago, we could not have anticipated its transformation to private debt, the hottest asset class in capital markets. Back then being a lowly vice-president dedicated to smaller…
▶︎ Read June 12 2023 newsletter: here
▶︎ Chart of the Week: here (by Bloomberg L.P., 31 Mar 2007 – 30 Sep 2013)
(Any “forward-looking” information may include, among other things, projections, forecasts, estimates of market returns, and proposed or expected portfolio composition Past performance is no guarantee of future results. Investing involves risk; principal loss is possible.)
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The software and technology sector, the second-most-active sector in 2025 at 17% of total deal activity, slid to fifth place in the first half of 2026.
Unconquered Territory
With most of the map still unexplored, there’s room for a sequel.