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Business of Private Credit: Coming Home
Much attention has been paid to the suitability of Matt Damon in the lead role as the wily Odysseus in this summer’s Christopher Nolan blockbuster.
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August 12, 2026 
Private Credit in a Post-Rate World (Last of a Series)
The notion of a post-rate world is arguable, as anyone in the capital markets over the past two decades would…
Private debt rolling one-year horizon IRR by type
Download PitchBook’s Report here. Of the major substrategies, mezzanine funds led for five consecutive quarters until Q2 2024, when the strategy…
Middle Market Deal Terms at a Glance - April 2025
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
Launch Drought Extends to 14 Days, Setting Bleak New Record
Click here to access Bloomberg’s US Leveraged Finance Chartbook Wednesday, April 16th was the 14th business day running without a…
Inflows, Competition to Pressure Perpetual BDC Earnings, Asset Quality
Click here to learn more. The elevated competitive underwriting environment for business development companies (BDCs) will persist in 2025 due…
US institutional loans pipeline grinds down to US$5.1bn amid tariff whiplash
Early in the second quarter, the institutional loan calendar stands at just over US$5bn, the lowest level in 5 years.
Average EBITDA Adjustment Cap for Synergies & Cost Savings
(Past performance is no guarantee of future results.)
Distress takes the fundraising limelight
Q1 2025 saw a reversal in fortunes, with direct lending making a slow start to the year. In recent years…
Middle Market Breakdown
Despite other views, the middle market has three parts, each with their own features. Source: Churchill Asset Management
Letter from Down Under (Second of Two Parts)
“Manager performance is the beta of private credit. The alpha is client support. Transparency and timeliness of information is critical,…
Private Credit in a Post-Rate World (Fourth of a Series)
The proponents and beneficiaries of private capital have long recognized its virtue of being less correlated with headline risk than…
New-issue spread and yield to maturity of loans backing LBOs by quarter
Download PitchBook’s Report here. Borrowers and sponsors, in turn, increasingly appreciated private credit’s certainty of execution, flexibility, willingness to offer PIK…
Loan prices plummet in secondary market amid tariff-fueled volatility
Secondary market bids on US leveraged loans have tumble 329 bps from their January high to an average bid of…
Share of New-Issue Institutional Loans with Pick-Your-Poison Provisions
(Past performance is no guarantee of future results.)
Growth at Perpetual BDCs Drives an Increase in Competition
Click here to learn more. U.S. perpetual non-traded business development companies (BDCs) have grown rapidly since the launch of Blackstone…
Letter from Kuala Lumpur (First of Two Parts)
“Micro, small, and medium-sized enterprises contribute almost 40% of Malaysia’s GDP and almost 50% of its national work force, yet…