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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.
Insurers top of allocations table
But our Investor Report finds that around two-thirds of institutions consider themselves under-allocated to the asset class. Public pensions may be…
Back in the Game
While PE deals transacted shrunk since 2021, deal values rose over past three years. Source: PitchBook
US Leveraged Loans Return 5.51% in 2025
The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned 0.61% in December, bringing its year-to-date return to 5.51%. Average secondary…
Middle Market Deal Terms at a Glance - January 2026
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
EBITDA Add-Back Time Horizons for Synergies & Cost Savings
(Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Share of PE middle-market exit value by type
Download PitchBook’s Report here. Middle-market companies offer a wide array of exit options, as their smaller size makes them attractive targets…
US Institutional loan issuance eases in '25 despite another buildout year for AcqFin
US institutional loan issuance reached approximately US$1trn in ’25, down about 20% on the year although still the second busiest…
Senior debt fundraising falls from its peak
Our data for private credit capital raising by strategy shows investors once again diversifying their commitments rather than concentrating them.…
Carveout/divestiture count as a share of all PE middle-market deals by quarter
Carveout/divestiture count as a share of all PE middle-market deals by quarter Download PitchBook’s Report here. While quarterly figures can fluctuate,…
US Leveraged Loan Pricings Remain Elevated in 2025
2025 was another busy year for the US institutional leveraged loan market, with 901 deals for $987.3b pricing over the…
Share of New-Issue First-Lien Loans with Key Covenant Terms
(Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Private Credit Doubles
Direct lending and BDCs expected to lead the growth of private credit. Source: Fitch Ratings
Guidance Counselors
On December 3rd, the OCC and FDIC announced they were withdrawing the Leveraged Lending Guidance they (with the Fed) had…


Why Private Equity Matters (Part One)
Deal-making is poised to rebound, thanks to lower interest rates, a strong economy, and an overall favorable macro environment. So…