Chart of the Week: At Any Rate
Default metrics aren’t created equal. How a default is defined and measured can tell very different stories — so knowing what’s behind the number matters as much as the number itself. Source: BofA Global Research.
Default metrics aren’t created equal. How a default is defined and measured can tell very different stories — so knowing what’s behind the number matters as much as the number itself. Source: BofA Global Research.
Investor education is becoming critical as quarterly redemption limits are being tested. Source: Data is derived from publicly available information, including U.S. Securities and Exchange Commission filings.
Unlike the US, private credit began as one entity and morphed into many states. Source: Apollo Outlook For Public and Private Markets (April 2026)
Core and LMM portfolio overlap has remained relatively stable over the past decade. Source: Company filings and Raymond James research
Middle market buyout financings increasingly dominated by direct lenders. Source: LSEG LPC. Middle Market LBO volume.
Investors bombarded with scary headlines worrying less about real private credit risks. Source: PitchBook
IT deals commanded a larger piece of the M&A pie in 2025. Source: PitchBook
The US was a relative bright spot in global private equity fundraising in 2025. Source: Preqin, McKinsey analysis
US and European exits were on the rise in 2025. Source: Dealogic, Bain & Company
Private equity returns are largely attributable to revenue growth. Source: McKinsey & Co, SPI by StepStone