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Business of Private Credit: Sectors and SIC Codes
We’ve spent the last few weeks covering the businesses of the core middle market. Does that same discipline hold when you move up market?
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July 22, 2026 
Non-Traded BDCs Face Higher Redemptions, Slower Fundraising
Investor sentiment has turned negative toward publicly listed U.S. business development companies (BDCs) with private-credit and software exposure, lowering valuations and limiting equity market access.
Growth is King
Private equity returns are largely attributable to revenue growth. Source: McKinsey & Co, SPI by StepStone
Soaring sponsor-backed M&A activity sets stage for resurgent debt market in early 2026
Sponsor-backed M&A transactions totaled USD 165bn in December 2025, the second-highest monthly volume in the past decade, just trailing USD…
Share of New-Issue Institutional Loans with Pick-Your-Poison Provisions
(Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Americas Private Credit 2026 Outlook: The Year of Maturity
Private Credit Goes Mainstream as 2021 Loans Come Due This Year Click here to read the full article. Although it…
Healthcare PE deal activity
Download PitchBook’s Report here. Healthcare devices & supplies was the primary driver of value growth, posting an annual increase of more…
Software loans continue to come under pressure as investors reasses exposure to the sector
Fears that AI could disrupt software companies have prompted a broad sell-off in that sector this year and the downward…
Volatility equals high return dispersion
Private Debt Investor’s quarterly performance data shows spikes in internal rates of return – both in an upward and downward…
Primary Market Activity Cools Following Active January
Click here to access Bloomberg’s US Leveraged Finance Chartbook After a robust start to the year that saw $168.2b in…
Technology PE deal activity
Download PitchBook’s Report here. Technology PE deal activity experienced an outsized year, with deal value higher by 67.4% YoY even though…
Middle Market Deal Terms at a Glance - February 2026
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
Percentage of Loans with F&C Tranche Growers
(Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Technology and Consumer Discretionary Led BDC Non-Accruals in Q3'25
Issuers in the Information Technology (23%) and Consumer Discretionary (22%) Sectors Topped BDC Non-Accruals as of Q3’25 Click here to…
U.S. Private Credit & Middle Market Monitor: 4Q25
In the charts above, Fitch presents aggregate data for issuers in its PMR portfolio. Fitch privately rates these issuers on behalf of asset managers.
BDC share price to NAV moves lower amid expected lower base rates and software sector exposure
BDC valuations have moved lower recently amid some concerns around credit quality, specifically in the software sector, in which many…
Why Private Equity Matters (Part Seven)
Private equity is often portrayed as a blunt and ruthless strategy – an industry dominated by corporate raiders that slash…