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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 
US Leveraged Loan Issuance Tops $65bn in June
June’s 75 deals for $66b was up $34.4b, or 109%, from the previous month’s $31.6b, but was down $83.6b or…
Private Credit – The Final Reckoning (Second of a Series)
Those who talk about risks in private credit should also keep in mind that investors always look at relative risk.…
Share of New-Issue First-Lien Loans with Key Covenant Terms
(Past performance is no guarantee of future results.)
PE capital raised ($B) by age bucket (2010-2025)
Download PitchBook’s Report here. Looking at the funds that face the most imminent fund terms, 11.8% of active funds are 10…
As overall issuance slips in 2Q25, strategic M&A remains a bright spot for LevFin market
Leveraged finance issuance topped US$343bn in 2Q25, down approximately 30% from 1Q25 and off nearly 40% versus 2Q24.
Wealth Effects
The share of wealth assets dedicated to private credit is on the rise. Source: FT, Oliver Wyman
2025 sees fundraising extremes
Our data shows the brakes have been slammed by investors after a fast start to the year for those raising…
Smaller US Banks Most Exposed to Nonbank Lending
Smaller, Non-Systemic U.S. Banks Most Concentrated to Non-Bank Lending Click here to download report. Evolving regulation has shone the spotlight…
Private Credit – The Final Reckoning (First of a Series)
Moviegoers know that Tom Cruise “does his own stunts.” We always assumed this mostly meant riding motorcycles fast. And even…
US Leveraged Loans Return 0.76% in June
The Bloomberg US Leveraged Loan Index (Ticker: LOAN) advanced 0.76% in June after a 1.53% gain in May, bringing its…
Share of IPO capital raised by backing type
Download PitchBook’s Report here. With the S&P 500 index climbing back near its historical peak and surpassing the psychological threshold of 6,000,…
Share of Loans with Uncapped EBITDA Add-Backs
(Past performance is no guarantee of future results.)
Smaller US Banks Most Exposed to Nonbank Lending
Smaller, Non-Systemic U.S. Banks Most Concentrated to Non-Bank Lending Click here to learn more. A relatively small percentage of U.S.…
Supported by increase in high grade financings, 2Q25 US M&A loan volume up 64% y-o-y; LBO activity declines
Brushing aside tariff woes, inflation concerns and geopolitical fears, US lenders raised US$228.5bn of new loan assets in 2Q25, a…
Scrutiny of the bank/fund intersection
Lines of credit from banks to credit vehicles have grown at an exponential rate, warranting regulatory attention. As our most…
Reflections on Wimbledon
As a long-time observer and amateur practitioner of the game, we enjoy the season when tennis arrives at the hallowed…