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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 
U.S. Alt Manager Ratings Stable Despite 2026 Challenges
U.S. Alternative Investment Manager Ratings Stable Despite Challenging 2026 Click here to learn more. Fitch Ratings expects the credit profiles…
Yield premium on direct lender arranged MM sponsored deals tightened in 4Q25
Yields for large corporate and middle market(MM) sponsored loans – whether executed via the broadly syndicated or direct lender loan…
New Year Kicks Off with Busy Month of Leveraged Loan Launches
At $168.0b in launches through January 28th, the US institutional leveraged loan market has been off to a hot start…
LBOs and refinancing drive direct lending rebound in 3Q25
Direct lending volumes saw a substantial rise in 3Q25, climbing 26% quarter-on-quarter (QoQ) to USD 89.5bn from USD 71bn in…
Average Minimum Day-One Capped Basket Capacity, YoY
(Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Median Step-Up from Prior Middle-Market PE Fund
Median step-up from previous PE middle-market fund in fund family Download PitchBook’s Report here. As capital continues to concentrate among fewer…
Investors still warming to private credit
Our research finds more than half of LPs are wanting to increase their investment into the asset class. With the…
$3B+ of Q3'25 Non-Accrual Loans Mature Through 2027
Over $3 Billion of Loans (at Cost) in Non-Accrual Status as of Q3’25 Mature Through 2027 Click here to learn…
Inventory Check
Private equity remains an attractive option for investors through cycles. Source: PitchBook
Continuation-fund-related PE exit count
Download PitchBook’s Report here. Exits through continuation funds, also known as GP-led secondaries, are one way that sponsors can provide liquidity…
Share of Loans with Uncapped EBITDA Add-Backs
(Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
US Leveraged Loan Launches Top $55bn in Second Week of 2026
The US leveraged loan market kicked off the new year in high gear, with $55.3b worth of deals launching to…
US private credit lending continued on its upward trajectory in 4Q25, driven by a jump in new money financings
US direct lending sponsored volume climbed to US$109bn in 4Q25, an increase of 19% from the prior quarter. This uptick…
Why Private Equity Matters (Part Two)
Private equity as an asset class delivers strong returns to investors, often better than public market benchmarks (see Chart of…
State of Returns
For over two decades private equity has outperformed public stocks in state pension plans. Source: Cliffwater
Why Private Equity Matters (Part Three)
The notion of private equity as anything but constructive for shareholder value is of recent vintage. The real story of…