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PDI Picks – 10/27/2025

Allocations on the increase Our latest GI 75 ranking of private credit’s biggest investors shows allocations increasing, with pension funds and insurers dominant.  Eight is the magic number. It is, in fact, the average allocation made to private credit by the institutions featured in this year’s version of Private Debt Investor’s Global Investor 75 ranking…

Letter From the Emirates

We wrap our recent MENA travelogue with a keen look at Abu Dubai and Dubai, the principal emirates of the UAE. According to the Khaleej Times, the region “is emerging as a global magnet for capital, bolstered by rising foreign investor appetite, strong fundamentals, and a robust pipeline of IPOs across diverse sectors.” Given this…

Leveraged Loan Insight & Analysis - 10/20/2025

Unitranche spreads tighten for large corporate issuers in 3Q25, while middle market spreads were flat QoQ The most recent quarter continued to be marked by robust competition among direct lenders amid lower than hoped for deal flow, with 73% of direct lenders in LPC’s recent Middle Market Outlook Survey saying they were not able to…

Middle Market & Private Credit – 10/20/2025

U.S. Private Credit: Sizing Up Defaults Click here to download report. This report examines private credit defaulters by EBITDA size, compares default rates across the two component Model-based Credit Opinion (MCO) and Privately Monitored Ratings (PMR) portfolios, and details default reasons…. Subscribe to Read MoreAlready a member? Log in here...

Covenant Trends - 10/20/2025

Percentage of Loans with Asset Sale Sweep Step-downs (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com

The Pulse of Private Equity – 10/20/2025

Carveout/divestiture count as a share of all PE middle-market buyout count by quarter Download PitchBook’s Report here. Carveouts remained a consistent feature of middle-market deal activity in Q2 2025. They accounted for 11.1% of deal value during the quarter, up from 10.9% in Q1 and broadly in line with the five-year annual average of 11.4%…. Subscribe