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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 
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.…
Distribution of MFN Maturity Carveout Horizons
(Past performance is no guarantee of future results.)
Loans Unleashed
July set record monthly leveraged loan volume; eight of top ten highest in last two years. Source: PitchBook, Bloomberg
A fundraising half of ups and downs
Those raising capital for private debt still face challenging conditions despite Q1 have raised hopes of a revival. Private debt…
July Sets Record for US Leveraged Loan Launches
The US leveraged loan market has set a record in terms of monthly launch volume, with July deal flow exceeding…
Reflections on Wimbledon
As a long-time observer and amateur practitioner of the game, we enjoy the season when tennis arrives at the hallowed…
Mark Zandi on the U.S. economy & private credit
A conversation with Mark Zandi, Chief Economist at Moody’s Analytics.
Private Asset 401(k) Offerings Increase US Alt IMs’ Growth, Complexity
Click here to learn more. A potential presidential executive order to facilitate investment in private assets for U.S. retirement plans,…
Sponsor-driven demand led private credit volumes through early 2025
In 1Q25, direct loans reached a total deal volume of USD 66bn, lower than the USD 363bn recorded in the…
Synergies & Cost Savings EBITDA Addbacks
(Past performance is no guarantee of future results.)
Platform LBO and growth equity deals as a share of all PE deals
Download PitchBook’s Report here. PE growth investment activity continues to be an important category, making up 22.3% of all PE deals…
2Q25 US MM LBO volume down 30% quarter over quarter
Middle market LBO loan volume totalled US$10.28bn in the second quarter, down 30% compared to 1Q25 results but up 2%…
Behind the Curve
Private equity fundraising through early June is slowest pace in over a decade. Source: PitchBook
The Force Awakens – Churchill 2Q Private Equity Survey (Conclusion)
Our recent survey of 164 private equity executives revealed improved confidence in both the M&A environment over the next twelve…
Private Credit – The Final Reckoning (Last of a Series)
Markets happen when you’re making other plans. This was true again last week as confrontation with Iran, instead of caving…
Risk On/Risk On (Part One)
What’s the state of the US leveraged loan market, and what’s the outlook for the rest of the year? Those…