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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 
Tariff Drag
Growth forecasts for this year and next are well below last December’s estimates. Source: Oxford Economics/Haver Analytics
In which market environments are CVs most valuable?
One of the most common misconceptions about continuation vehicles is that they are simply a product of market stress —…
The Force Awakens – Churchill 2Q Private Equity Survey (Part Two)
In response to our Reflections on Wimbledon two weeks ago, a long-time Lead Left reader informed us that the famed…
Direct lenders leverage PIK loans for competitive gain
While payment-in-kind (PIK) loans are uncommon in the broadly syndicated loan market, where cash interest payments are standard, direct lenders…
Percentage of Deals with 75+ bps MFN
(Past performance is no guarantee of future results.)
U.S. Private Credit and Middle Market Performance Monitor: 2Q25
Click here to learn more. Fitch’s Privately Monitored Ratings Portfolio, Rating Activity The issuer-weighted TTM default rate for PMRs rose…
Median PE company holding times (years)
Download PitchBook’s Report here. The data for median hold times for PE-backed companies in the US continues its downtrend, though it…
LevFin books new issuance record in July thanks to loan repricings, while growing M&A business shouldn't be overlooked
US leveraged finance issuance topped US$236bn in July, eking a new all-time monthly high for the business.
Senior debt loses its dominance
The first half of this year saw investor commitments more widely dispersed in the asset class. In last week’s column,…
Risk On/Risk On (Part Two)
What is coming through clearly in our conversations with credit professionals is that we are in a risk-on world. Somewhat…
All-Weather Buyouts
While direct lending was subdued with rate liftoff, it’s recovered despite tariff noise. Source: DLD KBRA
August Leveraged Loan Launches by Week
The typical “August slowdown” for the leveraged-loan market has yet to materialize, according to data compiled by Bloomberg.
Total leverage on sponsored middle market deals ticked up in the 2Q 2025, driven by higher senior leverage
Total leverage on sponsored middle market deals ticked up to 4.56x on average in 2Q25, driven by higher senior leverage.
The Force Awakens – Churchill 2Q Private Equity Survey (Part One)
Life happens at inflection points. This goes for capital markets as well. Whether changes in interest rates (high to low),…
Global buyout EV/EBITDA multiples
Download PitchBook’s Report here. The EV/EBITDA multiple for PE buyouts stood at 11.7x for the TTM period ended June 30, 2025.…
Back to School (Part One)
Getting our heads back into markets, we reflect this week on the shape of public equities and fixed income. The…