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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 
Share of Loans with Uncapped EBITDA Add-Backs
(Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
US Leveraged Loan Launches Top $55bn in Second Week of 2026
The US leveraged loan market kicked off the new year in high gear, with $55.3b worth of deals launching to…
US private credit lending continued on its upward trajectory in 4Q25, driven by a jump in new money financings
US direct lending sponsored volume climbed to US$109bn in 4Q25, an increase of 19% from the prior quarter. This uptick…
State of Returns
For over two decades private equity has outperformed public stocks in state pension plans. Source: Cliffwater
Insurers top of allocations table
But our Investor Report finds that around two-thirds of institutions consider themselves under-allocated to the asset class. Public pensions may be…
Life Insurer Investment Portfolios to Remain Broadly Stable in 2026
Life insurers’ investment portfolio mix should remain broadly stable, with solid credit quality and core fixed income dominant amid a continued tilt toward private credit and alternative investments, driven by opportunistic repositioning and regulatory reclassifications.
Why Private Equity Matters (Part One)
Deal-making is poised to rebound, thanks to lower interest rates, a strong economy, and an overall favorable macro environment. So…
Back in the Game
While PE deals transacted shrunk since 2021, deal values rose over past three years. Source: PitchBook
US Leveraged Loans Return 5.51% in 2025
The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned 0.61% in December, bringing its year-to-date return to 5.51%. Average secondary…
Middle Market Deal Terms at a Glance - January 2026
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
EBITDA Add-Back Time Horizons for Synergies & Cost Savings
(Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
2026 Regulatory Reviews Mark Inflection for Securitisation SRT Market
The securitisation significant risk transfer (SRT) market is set to reach an inflection point in 2026 as a number of regulatory investigations conclude.
Share of PE middle-market exit value by type
Download PitchBook’s Report here. Middle-market companies offer a wide array of exit options, as their smaller size makes them attractive targets…
US Institutional loan issuance eases in '25 despite another buildout year for AcqFin
US institutional loan issuance reached approximately US$1trn in ’25, down about 20% on the year although still the second busiest…
Senior debt fundraising falls from its peak
Our data for private credit capital raising by strategy shows investors once again diversifying their commitments rather than concentrating them.…
Why Private Equity Matters (Part Two)
Private equity as an asset class delivers strong returns to investors, often better than public market benchmarks (see Chart of…