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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 
Issuance Volume Breakdown in U.S. Private and Public Debt Markets
Click here to read the full release. According to Octus data, 2025 credit issuance remained resilient for the second consecutive…
PE take-private deal activity
Download PitchBook’s Report here. Take-private deal value was buoyed by a handful of gargantuan deals, even as the number of transactions…
Credit secondaries take flight
Secondaries is a part of the private credit market that gained momentum last year and shows no signs of slowing.…
The Equity Premium
In the long-term private equity pays for more risk with better returns. Source: MSCI
U.S. Alt Manager Ratings Stable Despite 2026 Challenges
U.S. Alternative Investment Manager Ratings Stable Despite Challenging 2026 Click here to learn more. Fitch Ratings expects the credit profiles…
Yield premium on direct lender arranged MM sponsored deals tightened in 4Q25
Yields for large corporate and middle market(MM) sponsored loans – whether executed via the broadly syndicated or direct lender loan…
New Year Kicks Off with Busy Month of Leveraged Loan Launches
At $168.0b in launches through January 28th, the US institutional leveraged loan market has been off to a hot start…
LBOs and refinancing drive direct lending rebound in 3Q25
Direct lending volumes saw a substantial rise in 3Q25, climbing 26% quarter-on-quarter (QoQ) to USD 89.5bn from USD 71bn in…
Average Minimum Day-One Capped Basket Capacity, YoY
(Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Median Step-Up from Prior Middle-Market PE Fund
Median step-up from previous PE middle-market fund in fund family Download PitchBook’s Report here. As capital continues to concentrate among fewer…
Investors still warming to private credit
Our research finds more than half of LPs are wanting to increase their investment into the asset class. With the…
$3B+ of Q3'25 Non-Accrual Loans Mature Through 2027
Over $3 Billion of Loans (at Cost) in Non-Accrual Status as of Q3’25 Mature Through 2027 Click here to learn…
Inventory Check
Private equity remains an attractive option for investors through cycles. Source: PitchBook
Why Private Equity Matters (Part Three)
The notion of private equity as anything but constructive for shareholder value is of recent vintage. The real story of…
Continuation-fund-related PE exit count
Download PitchBook’s Report here. Exits through continuation funds, also known as GP-led secondaries, are one way that sponsors can provide liquidity…
Why Private Equity Matters (Part Four)
There are many faces of a leveraged buyout dollar. The private equity industry offers a robust landscape of strategies that…