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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 
Capital flowing into private debt funds
Preliminary data shows capital raising enjoyed a reasonably prolific year in 2025, nudging ahead of the previous year’s total. Last…
Private Credit Outlook 2026
The global private credit market will continue to grow in scale and complexity in 2026, having become much more diversified and widely held over the past decade.
2025 US M&A loan volume jumps 43% to mark 4-year high at US$482bn
US lenders completed over US$482bn in M&A loan volume in 2025, an increase of 43% compared to 2024 totals and…
North American Leveraged Finance Outlook 2026
Click here to download report. Fitch Ratings’ 2026 sector outlook for North American Leveraged Finance is neutral, reflecting broadly steady…
Sponsors Tap Leveraged Loan Market for Dividend Payouts at Record Pace
With just two weeks before the start of the new year, dividend issuance has reached an all-time high in the…
Primary market cools down, dividend recaps on the rise
Institutional leveraged loan issuance dropped to USD 55bn in October, down 42% from USD 96bn in September. This decline followed a…
Percentage of Loans with MFN Carveouts
(Past performance is no guarantee of future results.)
PE take-private deal activity
Download PitchBook’s Report here. Middle-market take-private activity dwindled in Q3, with PE buyers underwriting just four announced or completed deals under $1 billion…
US primary market loan yields tighten in December
The average primary market yield, assuming a 3-year term to repayment on first-lien institutional term loan Bs, decreased 26bp to…
The pros and cons of evergreen funds
Liquidity has become highly prized in private markets, but a traditionally illiquid asset class such as private credit cannot easily…
Premium Outlet
The private credit yield advantage over BSL widens as single-B spreads shrink. Source: KBRA DLD Research, PitchBook LCD
US Life Insurer Investment Risk Rising from Private Letter Ratings
Click here to learn more. Join Fitch for the upcoming Outlook panel: 2026 Leveraged Finance Credit Outlook Webinar Signs of…
US Leveraged Loans Return 4.86% Through November
The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned 0.35% in November, bringing its year-to-date return to 4.86%. Average secondary…
Share of funds larger than predecessor: top 10% of funds by size
Download PitchBook’s Report here. For this analysis, we broke apart the largest 10% of funds raised each year from the remaining…
Warner Bids Drive Record US BSL Bridge Loans
Dueling bridge loans backing Netflix Inc. and Paramount bids for Warner Bros Discovery largest on record for US BSL market…
2026 Outlook: Pick of the Litter
With last Thursday’s Fed rate cut, the benchmark is down 200 bps from its peak in 2023. That’s the simple…