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Business of Private Credit: Claude Says
Even chatbots know AI won’t have a one-size-fits-all impact on the middle market. Yet for the last year or so, the market has treated AI disruption as a storm cloud hanging over every private credit portfolio.
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July 14, 2026 
Credit Journal-Private Credit
Fitch Ratings’ latest Credit Journal series is a subject-specific, curated compilation of in-depth research and commentary. This edition explores the…
Share of PE middle-market exit value by sector
Sector composition tilted hard toward B2B in Q1. B2B accounted for 52.9% of middle-market exit value, up from 38.2% in full-year 2025…
IG lending drives $255.3B of US M&A loan issuance during 1H26
US syndicated loan issuance backing M&A purposes reached US$255.3bn during 1H26, driven primarily by IG volume US syndicated loan issuance…
Investors Price in Expectations for Potential Future Rate Hikes
The CME Term SOFR six-month rate reached a recent high of 3.884% on June 23, representing its widest premium over…
Fundraising soars above the drama
It’s been a bad year for news headlines, but a great year on the institutional fundraising frontline. You could be…
Middle market debt held by BDCs vs High yield vs Treasury yields
The blue line represents the current dividend yield of the VanEck BDC Income ETF (BIZD), which stood at 12.18% as…
Weathering the Storm
Service-oriented companies typically hold up through any forecast. Source: Cliffwater Direct Lending Index.
Retail Loan Funds See Outflows in final week of June
Demand for leveraged loans has been muted in recent weeks, with redemptions outpacing investments by $22.59b in the week ending…
Strong Primary Issuance Masks Fragile Loan Sentiment
Stronger primary issuance and rising bids mask fragility in leveraged loan market sentiment – DebtDynamics NorthAm Secondary loan prices rallied…
Credit Journal-Private Credit
Fitch Ratings’ latest Credit Journal series is a subject-specific, curated compilation of in-depth research and commentary.
PE IRR Distribution by TEV Size Bucket
Pooled IRRs for recent middle-market vintages have compressed alongside the broader cycle.
US syndicated loan volume hits $465B as investment-grade lending jumps 22%
At US$465bn, 2Q26 US syndicated loan volume buoyed by 22% jump in investment grade lending US lenders completed over US$936Bn…
Lessons Learned
Experience is a tough teacher, but the best managers pass the test. Source: Cliffwater Direct Lending Index.
The Business of Private Credit: History 101
Last week we kicked off our special series on middle market industries with an overview of why they should matter for private credit investors. This week we provide some historic context.