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Letter From Kuwait

When we visited friends and clients in Kuwait last November, we noted increased sophistication of institutional and sovereign wealth investors around private capital. That trend continues.  As with Oman, Kuwait has a sovereign wealth fund, though significantly larger at $1 trillion, making it the fifth largest in the world. Like the OIA, the Kuwait Investment…

Debtwire Middle-Market – 10/13/2025

Source: VanEck BDC Income ETF, BofA Merrill Lynch US High Yield Effective Yield The blue line in the chart is the current dividend yield of the *VanEck BDC Income ETF (currently at 12.6% as of 9 October, close to its five-year peak of 12.8% on 8 April) that tracks the overall performance of publicly traded business…

Covenant Trends - 10/13/2025

Average Total Deleveraging Required To Meet RP Ratio Test (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com

Middle Market & Private Credit – 10/13/2025

Systemic Shock Could Expose Private Credit’s Broad Reach Click here to download report. A shock to the financial system that impacts the private credit sector could reveal the extent that it has moved from a niche product for sophisticated investors to an increasingly relevant component of the global capital markets…. Subscribe to Read MoreAlready a

Leveraged Loan Insight & Analysis - 10/13/2025

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 middle market borrowers, an increase of 10.5% compared to 2Q25 results…. Subscribe to Read MoreAlready a member? Log in here...

PDI Picks – 10/13/2025

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 capital magnet it used to be. The April ‘Liberation Day’ tariffs were perhaps the biggest shock among the political turbulence that has been unsettling financial markets throughout the…