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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.
Lower for Longer
Direct lending defaults lead credit categories in low defaults, though headed higher. Source: KBRA DLD Default Research
PE nowcast versus reported return
Download PitchBook’s Report here. The PE Barometer remains in neutral territory with a score of 57, producing a nowcast of 3.9%…
M&A Gains Momentum Amid October Slowdown in Leveraged Loan Market
Click here to access Bloomberg’s US Leveraged Finance Chartbook October saw a notable decline in US institutional leveraged loan activity,…
Share of Loans with Uncapped EBITDA Add-Backs
(Past performance is no guarantee of future results.)
US repricings slow in early 3Q25 as new loan assets re-emerge
US leveraged lenders completed just under US$18bn of repriced institutional loan volume during the month of October, down from over…
An investor vote of confidence
Amid some mixed headlines, private markets appear to be as popular as ever with those who provide them with their…
Higher for Longer
Larger LBO financings in direct lending are sporting increasingly higher leverage. Source: KBRA DLD Research, 3-month rolling averages
No One Details a Rental Car
In his 1985 best-selling “A Passion for Excellence,” Tom Peters tells the story of General Bill Creech, who led a…
US Leveraged Loans Return 4.5% Through October
Click here to access Bloomberg’s latest Global Leveraged Loan Index Report The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned…
Gone Fishing
On November 5th, the 2025 government shutdown became the longest in US history. Source: The Daily Shot
Out to Lunch
The Fed’s rate cut last week of 25 bps brings the funds benchmark down to 3.75-4.00%. That’s roughly 150 bps…
Median step-up from previous PE middle-market fund in fund family
Download PitchBook’s Report here. With less capital available to allocate, many LPs are consolidating the number of managers they commit capital…
Rick Miller on private credit opportunities amid ongoing uncertainty
A conversation with Richard Miller, Group Managing Director and Chief Investment Officer of TCW Private Credit Group.



Pet Smart
News reached us last week of an unfortunate Shillington, PA man wounded when his shotgun went off. Police believe his…