Fundraising puts on a surge in Q3 The Liberation Day announcement put the brakes on capital accumulation in Q2, but it’s come roaring back. Having looked on course for an average year of fundraising at the halfway mark, private debt managers are now on target to have their most fruitful 12 months of the last…
US CLO issuance increases to US$53bn in 3Q, driven by strong MM/PD issuance New-issue US CLO volume amounted to US$53bn in 3Q25 via 106 deals, up 2% from 2Q25’s US$52.1bn and 34% from 3Q24’s US$39.6bn, marking the highest quarter since 4Q24…. Subscribe to Read MoreAlready a member? Log in here...
U.S. Private Credit: Sizing Up Defaults Click here to download report. Small issuers generating less than $25 million EBITDA defaulted at more than double the rate of larger issuers in Fitch Ratings’ Private Credit Default Rate (PCDR) universe during the trailing twelve months (TTM) to 2Q25…. Subscribe to Read MoreAlready a member? Log in here...
PE exit/investment ratio Download PitchBook’s Report here. Sponsor-to-sponsor exit activity dipped on an absolute basis in Q2, along with the moderate decrease in total quarterly exits, but maintained its majority share of middle-market exit activity…. Subscribe to Read MoreAlready a member? Log in here...
Notes from New York What’s on the minds of private debt professionals? Regulation, market conditions and distressed debt all had an airing at our recent industry event. We noted a few talking points from our recent PDI Network New York Forum: Private markets is in a “deregulatory environment”, according to Jillien Flores, chief advocacy officer…
M&A EV/revenue multiple for deals between $25 million and $1 billion Download PitchBook’s Report here. Middle-market valuation multiples are pointing to an increasingly liquid M&A market with valuation expectations broadly aligned with the 2017-2019 range, setting aside the distortions of the pandemic era…. Subscribe to Read MoreAlready a member? Log in here...
Dividend Loan Issuance Through Q3 Sets New Record Click here to access Bloomberg’s US Leveraged Finance Chartbook Through September 23rd, US institutional loan issuance tied to dividend payments has reached $23.06b, setting a record for the year-to-date period and surpassing the $19.64b in dividend-related volume seen through the same point in 2021…. Subscribe to Read
Private credit and bank lenders struggle to meet middle market lending targets in 3Q25 The vast majority of middle market lenders have found sufficient opportunities hard to come by in the most recent quarter, according to LSEG LPC’s Middle Market Outlook Survey…. Subscribe to Read MoreAlready a member? Log in here...
Rents, Lease Pass Throughs Support US Data Centers Amid Higher Costs Click here to learn more. Tariffs, geopolitical tensions, and federal policy changes are disrupting supply chains, increasing data center and utility capex and operating costs, according to Fitch Ratings in its new report U.S. Data Centers Resilient Amid Rising Costs…. Subscribe to Read MoreAlready
Higher risk not always higher return Investors are mulling opportunities beyond direct lending but moving up the risk curve doesn’t guarantee better results. Direct lending dominated private debt fundraising last year – accounting for 65 percent of the total – prompting us to investigate in a recent Private Debt Investor cover story whether investors are…