Performance and regulation are worries for LPs Our latest test of investor opinion finds tougher market conditions impacting the responses. In this column we offer readers of the Lead Left a sneaky peek at some of the findings emerging from the latest version of our LP Perspectives annual survey, which will form part of the…
Direct lending stability and resilience shine in times of leveraged loan market collapse – DebtDynamics NorthAm Direct lending showed notable resilience in 2Q25, while loan market volumes collapsed amid heightened volatility and a broader economic slowdown triggered by US tariffs. Volumes not only held steady but increased by 4% in 2Q25, rising to USD 74.5bn…
Launched Volume Source: LevFin Insights New-issue Yields Source: LevFin Insights Weekly Fund Flows Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenbergrobert.polenberg@levfininsights.com
Loan Funds See Inflows After Consecutive Weeks of Outflows Click here to access Bloomberg’s US Leveraged Finance Chartbook Retail investors have returned to loan funds following two consecutive weeks of net redemptions. The Invesco Senior Loan ETF (BKLN) recorded $73m in inflows during the week of October 21–28, a reversal from the $704m in outflows…
KBRA DLD Default Indices(TTM 10/28/25) (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
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% as of 24 October, versus its five-year peak of 12.8% on 8 April) that tracks the overall performance of publicly traded business development…
Average New-Issue Clearing Spreads (Single B) and Covenant Terms for All First-Lien Institutional Loans (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Rapid US Non-Bank Loan Growth Raises Risk of Wider Losses for Banks Click here to learn more. U.S. regional banks’ recent losses tied to non-bank financial institutions (NBFIs) may signal broader risk from this fast-growing loan segment. While these cases may be fraud-related and idiosyncratic, rapid expansion of NBFI exposures increases the chance that concentrated…
Middle-market exit count as a share of total PE exit count Download PitchBook’s Report here. Exit activity in the US middle market continued its steady, albeit slow pace, producing another slight down quarter in Q2 2025…. Subscribe to Read MoreAlready a member? Log in here...
US middle market private debt fundraising increased 63% to US$56.2bn in 3Q25 LSEG LPC tracked US$56.2bn of US middle market debt fundraising in the third quarter, 63% above 2Q25’s US$34.4bn…. Subscribe to Read MoreAlready a member? Log in here...