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Private Credit Defaults 101: Where Are We in the Cycle?
In July 2007, Citigroup’s Chuck Prince told the Financial Times, “When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance. We are still dancing.”
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September 22, 2026 
Number of smaller funds dwindles
Analysis of fund-close data found that vehicles valued at under $250m have seen a rapid decline since 2024.While PEI Private…
US Private Credit Transparency Highlights Uneven BDC Performance
Credit performance across business development company (BDC) portfolios remains uneven, although reported losses and non-accruals were broadly stable quarter over quarter, according to Fitch Ratings’ Private Credit Transparency Monitor for 2Q26.
Density of TVPI at 10 years after inception by fund size
Marquee managers seem to be victims of their own success. Strong performance brings in more capital, and the desire to grow AUM and please public shareholders inevitably leads to returns clustered around the market average.
Steady CLO Issuance Supports Leveraged Loan Demand
The US leveraged loan market remains extremely constructive despite a plethora of headlines – both geopolitical and financial – which…
Credit discipline through the cycle - Lessons from a pension fund
A conversation with Igor Baranovski, Chief Portfolio Manager on the Alternative Investments team at PenSam.
US Leveraged Loans Return 3.36% to Investors YTD
The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned 0.96% in August and has gained an additional 0.28% through September…
PE dry powder
The capital that is being raised is flowing overwhelmingly to the largest, most established managers.
Middle market debt held by BDCs vs High yield vs Treasury yields
The blue line represents the current dividend yield of the VanEck BDC Income ETF (BIZD), which stood at 11.7% as…
LevFin Issuance Slows Across Products in August; DCM Remains a Bright Spot
The leveraged capital markets business continued to decelerate from just about every aspect, even for August standards. Overall issuance (including…
Fitch Ratings’ U.S. Private Credit Default Rate Rose to 6.3% in August 2026
Fitch Ratings recorded a U.S. Private Credit Default Rate (PCDR) of 6.3% for the trailing 12 months (TTM) ended August 2026, up from 6.1% in July 2026 and a record high.
The Recovery Shot
Trouble off the tee doesn’t always translate to trouble on the scorecard.
Private Credit Defaults 101: Where Are We in the Cycle?
In July 2007, Citigroup’s Chuck Prince told the Financial Times, “When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance. We are still dancing.”