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Business of Private Credit: Coming Home
Much attention has been paid to the suitability of Matt Damon in the lead role as the wily Odysseus in this summer’s Christopher Nolan blockbuster.
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August 12, 2026 
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
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…
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…
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…
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
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…