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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 
July Sets Record for US Leveraged Loan Launches
The US leveraged loan market has set a record in terms of monthly launch volume, with July deal flow exceeding…
Reflections on Wimbledon
As a long-time observer and amateur practitioner of the game, we enjoy the season when tennis arrives at the hallowed…
Private Asset 401(k) Offerings Increase US Alt IMs’ Growth, Complexity
Click here to learn more. A potential presidential executive order to facilitate investment in private assets for U.S. retirement plans,…
Sponsor-driven demand led private credit volumes through early 2025
[wpdm_package id=’74573′] In 1Q25, direct loans reached a total deal volume of USD 66bn, lower than the USD 363bn recorded…
Synergies & Cost Savings EBITDA Addbacks
(Past performance is no guarantee of future results.)
Platform LBO and growth equity deals as a share of all PE deals
Download PitchBook’s Report here. PE growth investment activity continues to be an important category, making up 22.3% of all PE deals…
2Q25 US MM LBO volume down 30% quarter over quarter
Middle market LBO loan volume totalled US$10.28bn in the second quarter, down 30% compared to 1Q25 results but up 2%…
Behind the Curve
Private equity fundraising through early June is slowest pace in over a decade. Source: PitchBook
Private Credit – The Final Reckoning (Last of a Series)
Markets happen when you’re making other plans. This was true again last week as confrontation with Iran, instead of caving…
Unitranche spreads hover around recent market lows
The most recent quarter was marked by intense competition among direct lenders and lower than hope for deal flow. In…
Second-Busiest Day of Leveraged Loan Launches Brings Wave of Repricings
Click here to access Bloomberg’s US Leveraged Finance Chartbook Following the most active single day of 2025 and the second…
Middle Market Deal Terms at a Glance - July 2025
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
Fitch Ratings Completes Peer Reviewof 12 US BDCs
Fitch Ratings has completed a peer review of 12 U.S. business development companies (BDCs). Fitch has affirmed the Long-Term Issuer…
Carveouts/divestitures as a share of all PE buyouts by quarter
Download PitchBook’s Report here. Carve-out transactions are running at 10.6% of all buyout deals in 2025, which is comfortably above the five-year average…
Average Minimum Day-One Capped Basket Capacity, YoY
(Past performance is no guarantee of future results.)
The Force Awakens – Churchill 2Q Private Equity Survey (Conclusion)
Our recent survey of 164 private equity executives revealed improved confidence in both the M&A environment over the next twelve…