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Business of Private Credit: Safety, Not Size
Even the best credit managers have loans that go bad. What separates them from everyone else is the history and experience they bring to working these problems out.
SVB was a major player in US middle market technology lending
Silicon Valley Bank, the fifth largest lender to US middle market technology issuers, collapsed last week. According to Refinitiv LPC…
Private Debt Intelligence - 3/13/2023
Rising investor interest in special situations and distressed debt [wpdm_package id=’63590′] An increasing proportion of investors surveyed by Preqin say…
Reflections on distress
Looking back on capital accumulation in recent years, investor anticipation of distressed debt opportunities grew – sometimes without reason. With…
Loan Stats at a Glance - 3/13/2023
Contact: Marina Lukatskymarina.lukatsky@pitchbook.com
Curves Ahead
Last week’s bank failures steepened the Treasury curve to levels not seen since 9/11.
Jumbo outstandings climb to $118B with Cotiviti’s new record deal
Chart 1 Table 1 Cotiviti’s $5.5 billion credit raises outstanding jumbo loan volume to $118 billion, as tracked by KBRA…
Private Credit in Japan
This past week we visited our clients and friends in Tokyo. The last time we did, three months before Covid,…
Distribution of MFN Maturity Carveout Horizons
(Past performance is no guarantee of future results.) Contact: Steven Miller
US primary institutional yields are averaging 9.57% in 1Q23
Average primary institutional yields have flattened in the last two quarters after soaring in 3Q22. At 9.57% so far in 1Q23,…
Q4 recovery in private debt fundraising
Download PitchBook’s Report here. A quarter ago, private debt fundraising numbers were “poised for a down year,” according to the guy…
Stat of the Week: Direct Lender Share of Total Financing for U.S. Middle-Market LBO
Private Debt Intelligence - 3/6/2023
Investor demand for private debt unabated in 2022 [wpdm_package id=’63484′] Despite the turbulent macro environment, investors have remained committed to…








A Pause to Reflect
Many of us who lived through the financial crisis of 2008-2009 had flashbacks to that era. The collapse of Silicon…