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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.
Percentage of Loans with Asset Sale Sweep Step-downs
(Past performance is no guarantee of future results.)
Carveout/divestiture count as a share of all PE middle-market buyout count by quarter
Download PitchBook’s Report here. Carveouts remained a consistent feature of middle-market deal activity in Q2 2025. They accounted for 11.1% of…
The rise of retail
Private credit is still having much success raising capital from institutions, but it doesn’t stop the retail investor from taking…
Leveraged Loan Launches Slow in October
Click here to access Bloomberg’s US Leveraged Finance Chartbook At just $36.3b launched into the US institutional leveraged loan market…
Auto Correct
The value of First Brand loans was close to par – until it wasn’t. Source: Bloomberg, S&P Capital IQ, iCapital Investment…
US Leveraged Loans Return 4.38% Through September
Click here to access Bloomberg’s latest Global Leveraged Loan Index Report The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned…
PE-backed company inventory by age of investment
Download PitchBook’s Report here. Smaller companies, less reliant on global exposure, remain attractive to strategic buyers seeking bolt-ons and niche capabilities.
MENA Wealth
Of the top ten largest sovereign wealth funds in the world, four are Middle Eastern. Source: Bloomberg
Letter From Kuwait
When we visited friends and clients in Kuwait last November, we noted increased sophistication of institutional and sovereign wealth investors…
Average Total Deleveraging Required To Meet RP Ratio Test
(Past performance is no guarantee of future results.)
3Q25 US direct lending loan volume up 10.5% Q-o-Q amid flush of new money activity
US lenders placed a combined total of nearly US$87bn of direct lending loan volume in 3Q25 for large corporate and…
Multi-regional funds and secondaries on the rise
Two trends have emerged from our latest fundraising data to the end of Q3. The US is no longer the…
Average EBITDA Adjustment Cap for Synergies & Cost Savings
(Past performance is no guarantee of future results.)
US Leveraged Loans See Busiest Third Quarter on Record
Click here to access Bloomberg’s US Leveraged Finance Chartbook September’s US leveraged loan activity totaled 101 deals for $93.2b, representing…

First Brands and Private Credit
We were in the 4th grade when a food fight erupted in the cafeteria at the table next to us. The…