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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.
Share of New-Issue Institutional Loans with Pick-Your-Poison Provisions
(Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Americas Private Credit 2026 Outlook: The Year of Maturity
Private Credit Goes Mainstream as 2021 Loans Come Due This Year Click here to read the full article. Although it…
Healthcare PE deal activity
Download PitchBook’s Report here. Healthcare devices & supplies was the primary driver of value growth, posting an annual increase of more…
Software loans continue to come under pressure as investors reasses exposure to the sector
Fears that AI could disrupt software companies have prompted a broad sell-off in that sector this year and the downward…
Volatility equals high return dispersion
Private Debt Investor’s quarterly performance data shows spikes in internal rates of return – both in an upward and downward…
Primary Market Activity Cools Following Active January
Click here to access Bloomberg’s US Leveraged Finance Chartbook After a robust start to the year that saw $168.2b in…
Technology PE deal activity
Download PitchBook’s Report here. Technology PE deal activity experienced an outsized year, with deal value higher by 67.4% YoY even though…
Middle Market Deal Terms at a Glance - February 2026
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
Percentage of Loans with F&C Tranche Growers
(Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Technology and Consumer Discretionary Led BDC Non-Accruals in Q3'25
Issuers in the Information Technology (23%) and Consumer Discretionary (22%) Sectors Topped BDC Non-Accruals as of Q3’25 Click here to…
BDC share price to NAV moves lower amid expected lower base rates and software sector exposure
BDC valuations have moved lower recently amid some concerns around credit quality, specifically in the software sector, in which many…
Dry powder presents a deployment challenge
Hopes of a significant M&A upturn will need to be realised to address a growing capital supply and demand imbalance…
The Sweet Spot
The middle market punches above its weight. Source: State Street Private Equity Index as of 9/30/2025
Yield compression progresses in January, drags new-issue loan yields to their lowest in four years
Although institutional loan issuance more than doubled from December to January, topping US$141bn, the majority of the business comprised best-efforts…

Why Private Equity Matters (Part Six)
When private equity makes the news, its typically large buyout firms. They buy mega companies, so unsurprisingly make for better…