Share of PE middle-market exit value by type Download PitchBook’s Report here. Middle-market companies offer a wide array of exit options, as their smaller size makes them attractive targets for acquiring niche or local markets, enhancing business capabilities, and increasing market share…. Subscribe to Read MoreAlready a member? Log in here...
US Institutional loan issuance eases in ’25 despite another buildout year for AcqFin US institutional loan issuance reached approximately US$1trn in ’25, down about 20% on the year although still the second busiest for the product…. Subscribe to Read MoreAlready a member? Log in here...
Senior debt fundraising falls from its peak Our data for private credit capital raising by strategy shows investors once again diversifying their commitments rather than concentrating them. At first glance, it appears that last year saw investors significantly re-align their strategic priorities when it comes to private credit. But a closer examination of the PDI…
Carveout/divestiture count as a share of all PE middle-market deals by quarter Download PitchBook’s Report here. While quarterly figures can fluctuate, annual trends provide a clearer benchmark, showcasing that carveouts are a core deal type for sponsors…. Subscribe to Read MoreAlready a member? Log in here...
US Leveraged Loan Pricings Remain Elevated in 2025 2025 was another busy year for the US institutional leveraged loan market, with 901 deals for $987.3b pricing over the last twelve months. The figure represents a 25.8% decline from last year’s record-setting volume of $1.3t but is still up significantly from 2023 figure of $376.6b…. Subscribe
Percentage of First-Lien Loans Clearing with Key Covenant Terms by Quarter (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Direct lending and BDCs expected to lead the growth of private credit. Source: Fitch Ratings
On December 3rd, the OCC and FDIC announced they were withdrawing the Leveraged Lending Guidance they (with the Fed) had instituted in 2013. This guidance had been an outgrowth of the GFC which created widespread devaluation of bank balance sheets globally. Though the proximal cause of the downturn was poor sub-prime mortgage underwriting that spread…
The blue line in the chart is the current dividend yield of the *VanEck BDC Income ETF (currently at 11.6% as of 5 January, versus its five-year peak of 12.8% on 8 April 2025) that tracks the overall performance of publicly traded business development companies (BDCs, are lenders to privately held middle-market businesses that tend to…
Capital flowing into private debt funds Preliminary data shows capital raising enjoyed a reasonably prolific year in 2025, nudging ahead of the previous year’s total. Last year turned out to be a strong, if not spectacular, year for private debt fundraising globally. With the fourth quarter ending up the most prolific quarter of the year,…