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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.
Wealth Effects
The share of wealth assets dedicated to private credit is on the rise. Source: FT, Oliver Wyman
2025 sees fundraising extremes
Our data shows the brakes have been slammed by investors after a fast start to the year for those raising…
Private Credit – The Final Reckoning (First of a Series)
Moviegoers know that Tom Cruise “does his own stunts.” We always assumed this mostly meant riding motorcycles fast. And even…
US Leveraged Loans Return 0.76% in June
The Bloomberg US Leveraged Loan Index (Ticker: LOAN) advanced 0.76% in June after a 1.53% gain in May, bringing its…
Share of IPO capital raised by backing type
Download PitchBook’s Report here. With the S&P 500 index climbing back near its historical peak and surpassing the psychological threshold of 6,000,…
Share of Loans with Uncapped EBITDA Add-Backs
(Past performance is no guarantee of future results.)
Supported by increase in high grade financings, 2Q25 US M&A loan volume up 64% y-o-y; LBO activity declines
Brushing aside tariff woes, inflation concerns and geopolitical fears, US lenders raised US$228.5bn of new loan assets in 2Q25, a…
Scrutiny of the bank/fund intersection
Lines of credit from banks to credit vehicles have grown at an exponential rate, warranting regulatory attention. As our most…
Secondary Effects
Since Liberation Day, leveraged loan trading prices have slowly moved higher. Source: Bloomberg US Leveraged Loan Index
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…
Letter from Tokyo (Last of a Series)
Always attuned to market conditions on the ground, we heard from friends in Tokyo last week that, incredibly, grocery stores…
Leveraged loan prices continue to climb in secondary market
Average secondary market prices on US Leveraged loans reached 96.44 on June 25th, the highest level since March 17th according…
Middle Market Deal Terms at a Glance - June 2025
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com


Reflections on Wimbledon
As a long-time observer and amateur practitioner of the game, we enjoy the season when tennis arrives at the hallowed…