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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 
Average Minimum Day-One Capped Basket Capacity, YoY
(Past performance is no guarantee of future results.)
Exit Ramp
The number of PE exits slumped 1Q after last year’s steady improvement. Source: Preqin Pro
Private Credit – The Final Reckoning (Third of a Series)
We spoke recently to a C-suite executive of a global specialty chemicals company about how tariffs are affecting his business.…
Private Credit, Public Debate
Richard Hunter, Chief Risk Officer at Fitch Ratings, recently published an op-ed sharing his insights on private credit. He addressed…
2Q25 Total US direct lending LBO volume down over 47% quarter over quarter
Talk of tariffs, inflation fears and anticipation of a congressional show down over the Trump administration’s “big, beautiful bill” contributed…
Leveraged Loan Launches Accelerate in July
Click here to access Bloomberg’s US Leveraged Finance Chartbook After launching over $33bn into the broadly syndicated US leveraged loan…
Percentage of Loans with Uncapped Synergies & Cost Savings EBITDA Addbacks
(Past performance is no guarantee of future results.)
US PE fundraising activity
Download PitchBook’s Report here. PE fundraising has landed at a lower level than in 2024, which was already a worse year…
Slowing the Slowdown
Notwithstanding tariffs, economists now view the chances of a recession fading. Source: WSJ Surveys of Economists
The Force Awakens – Churchill 2Q Private Equity Survey (Part One)
Life happens at inflection points. This goes for capital markets as well. Whether changes in interest rates (high to low),…
US Leveraged Loan Issuance Tops $65bn in June
June’s 75 deals for $66b was up $34.4b, or 109%, from the previous month’s $31.6b, but was down $83.6b or…
Private Credit – The Final Reckoning (Second of a Series)
Those who talk about risks in private credit should also keep in mind that investors always look at relative risk.…
Share of New-Issue First-Lien Loans with Key Covenant Terms
(Past performance is no guarantee of future results.)
PE capital raised ($B) by age bucket (2010-2025)
Download PitchBook’s Report here. Looking at the funds that face the most imminent fund terms, 11.8% of active funds are 10…
As overall issuance slips in 2Q25, strategic M&A remains a bright spot for LevFin market
Leveraged finance issuance topped US$343bn in 2Q25, down approximately 30% from 1Q25 and off nearly 40% versus 2Q24.
The Force Awakens – Churchill 2Q Private Equity Survey (Part Two)
In response to our Reflections on Wimbledon two weeks ago, a long-time Lead Left reader informed us that the famed…