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Business of Private Credit: Safety, Not Size
Even the best credit managers have loans that go bad. What separates them from everyone else is the history and experience they bring to working these problems out.
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August 5, 2026 
Leading the Way
The US was a relative bright spot in global private equity fundraising in 2025. Source: Preqin, McKinsey analysis
Upcoming Maturities for BDC-Held Software Loans
Click here to access the analysis In the near term, private credit restructurings for software companies are likely to be…
US sponsored loan volume tops US$148.7bn YTD, driven primarily by refinancing activity
At US$148.7bn, US sponsored lending was down 26% during the first two months of the year compared to the same…
Accordion Inside Maturity
(Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
AI Disruption Puts Software Exposure in Focus
Sharp declines in major software company valuations amid rising investor concerns about AI-driven disruption have raised questions about lenders’ and asset managers’ sector exposure.
Median EV/Revenue Multiples on $2.5B+ PE Deals
Median enterprise value (EV)/revenue multiples on PE deals of $2.5 billion or more Download PitchBook’s Report here. PE buyout valuations were…
Strong performance in a dislocated world
The covid pandemic saw high-quality assets with temporary difficulties being snapped up at discounted valuations. In this, the final reflection…
US Institutional Loans See Pricing Widen Amid Broader Selloff
Click here to access Bloomberg’s US Leveraged Finance Chartbook Pricing conditions in the US institutional leveraged loan primary market widened…
Clearing the Backlog
US and European exits were on the rise in 2025. Source: Dealogic, Bain & Company
Why Private Equity Matters (Part Eight)
Diversification is an important topic and a strong consideration for any portfolio. It can come in many forms. In public…
February Loan Issuance Slows Sharply Amid Market Uncertainty
Click here to access Bloomberg’s US Leveraged Finance Chartbook Through February 25, just $22.85b of US institutional leveraged loans have…
Non-Traded BDCs Face Higher Redemptions, Slower Fundraising
Investor sentiment has turned negative toward publicly listed U.S. business development companies (BDCs) with private-credit and software exposure, lowering valuations and limiting equity market access.
Growth is King
Private equity returns are largely attributable to revenue growth. Source: McKinsey & Co, SPI by StepStone
Why Private Equity Matters (Part Seven)
Private equity is often portrayed as a blunt and ruthless strategy – an industry dominated by corporate raiders that slash…
Soaring sponsor-backed M&A activity sets stage for resurgent debt market in early 2026
Sponsor-backed M&A transactions totaled USD 165bn in December 2025, the second-highest monthly volume in the past decade, just trailing USD…
Why Private Equity Matters (Part Nine)
Private equity firms spend considerable time finding the right business, market, or operating model before making an investment. This is fundamental,…