Content hub
Explore private capital market trends, in-depth research from leading industry partners, expert interviews, live webinars, and educational videos — all in one place.
Featured Article
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?
|
July 22, 2026 
Dry powder presents a deployment challenge
Hopes of a significant M&A upturn will need to be realised to address a growing capital supply and demand imbalance…
The Sweet Spot
The middle market punches above its weight. Source: State Street Private Equity Index as of 9/30/2025
Yield compression progresses in January, drags new-issue loan yields to their lowest in four years
Although institutional loan issuance more than doubled from December to January, topping US$141bn, the majority of the business comprised best-efforts…
Distribution of MFN Maturity Carveout Horizons
(Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
M&A Snapshot by Total Debt Quantum
Click here to access to the full report. Click here to read the full 2026 outlook. While the much-anticipated surge…
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.
Platform LBO and growth equity deals as share of all PE deals
Download PitchBook’s Report here. Growth equity continues to represent a substantial share of PE deals. The strategy made up 21.2% of…
Private debt performance: what the DPI data shows
As part of a series of data-focused observations around private debt performance, we look at DPIs going back to 2010.…
Private-Side Only
US companies that go public are opting to stay private longer. Source: Jay Ritter, University of Florida; Apollo’s The Daily…
Why Private Equity Matters (Part Five)
Modern portfolios are largely shaped around public markets, which are influenced by public sentiment as much as underlying fundamentals. However,…
U.S. Private Credit & Middle Market Monitor: 4Q25
The U.S. PCDR rose to 5.6% for the TTM ending 4Q25, the second-highest level since tracking began in August 2024. This is just below the peak of 5.7% seen in both February and November 2025, but up from 5.4% in 3Q25.
Latest crop of loan defaults underscores how steep losses can get when credit situations go wrong
Secondary trading in the largest and most recently defaulted institutional loans offers a glimpse of how steep losses can get…
US Leveraged Loan Returns Start Year in the Red
The Bloomberg US Leveraged Loan Index (Ticker: LOAN) posted a negative return of -0.18% in January, marking the first monthly…
Michael Schulman on AI, manager selection, and the next big wealth opportunities
A conversation with Michael Ashley Schulman, Partner and Chief Investment Officer at Running Point.
Synergies & Cost Savings EBITDA Addbacks
(Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Why Private Equity Matters (Part Six)
When private equity makes the news, its typically large buyout firms. They buy mega companies, so unsurprisingly make for better…