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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.
Dividend Loan Issuance Through Q3 Sets New Record
Click here to access Bloomberg’s US Leveraged Finance Chartbook Through September 23rd, US institutional loan issuance tied to dividend payments…
Private credit and bank lenders struggle to meet middle market lending targets in 3Q25
The vast majority of middle market lenders have found sufficient opportunities hard to come by in the most recent quarter,…
Accordion Inside Maturity
(Past performance is no guarantee of future results.)
Higher risk not always higher return
Investors are mulling opportunities beyond direct lending but moving up the risk curve doesn’t guarantee better results. Direct lending dominated…
Where’s the Beef?
A PitchBook survey showed private credit participants most worried about finding new deals. Source: PitchBook/LCD, data through Sept. 16, 2025
Leveraged Loan Launches Pick Back Up in September
Click here to access Bloomberg’s US Leveraged Finance Chartbook
Private debt nowcast vs. reported returns
Download PitchBook’s Report here. The Private Debt Barometer currently holds a stable, slightly positive score of 53, with a nowcast of…
US LevFin issuance slips to US$200bn despite historically active August
For US LevFin, we saw trends of previous months continue to play out in August: (1) Defense over offense, with…
Business Service as Usual
Business services and tech remain strong sectors for LBO candidates. Source: KBRA DLD
Swiss Army Knife of Capital (Part One)
We recently joined several colleagues on an excellent PDI podcast – “New Era of Private Credit” – for a wide-ranging…
Middle Market Deal Terms at a Glance - September 2025
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
The differing priorities of LPs and GPs
Investors and fund managers have diverging priority lists according to a survey. The current fundraising environment has given rise to…
Share of New-Issue Loans with Pick-Your-Poison Provisions
(Past performance is no guarantee of future results.)


Swiss Army Knife of Capital (Part Two)
Beyond yield, advisors and direct contribution (DC) plans look to private credit for diversification and deployment. These goals are not…