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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.
PE take-private deal activity
Download PitchBook’s Report here. Middle-market take-private activity dwindled in Q3, with PE buyers underwriting just four announced or completed deals under $1 billion…
Share of funds larger than predecessor: top 10% of funds by size
Download PitchBook’s Report here. For this analysis, we broke apart the largest 10% of funds raised each year from the remaining…
Private capital dry powder ($B)
Download PitchBook’s Report here. Enough capital was raised to more than compensate for the capital calls issued thus far in 2025 to…
Private debt nowcast versus reported return
Download PitchBook’s Report here. The Private Debt Barometer remains stable and near neutral with a score of 54, producing a nowcast…
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%…
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…
Middle-market exit count as a share of total PE exit count
Download PitchBook’s Report here. Exit activity in the US middle market continued its steady, albeit slow pace, producing another slight down…
Carveout/divestiture count as a share of all PE middle-market buyout count by quarter
Download PitchBook’s Report here. Carveouts remained a consistent feature of middle-market deal activity in Q2 2025. They accounted for 11.1% of…
PE-backed company inventory by age of investment
Download PitchBook’s Report here. Smaller companies, less reliant on global exposure, remain attractive to strategic buyers seeking bolt-ons and niche capabilities.
Share of BSL-financed LBO count by equity contribution
Download PitchBook’s Report here. Since rate hikes began in 2022, buyouts under $1 billion have virtually disappeared from the BSL market.
PE exit/investment ratio
Download PitchBook’s Report here. Sponsor-to-sponsor exit activity dipped on an absolute basis in Q2, along with the moderate decrease in total…
M&A EV/revenue multiple for deals between $25 million and $1 billion
Download PitchBook’s Report here. Middle-market valuation multiples are pointing to an increasingly liquid M&A market with valuation expectations broadly aligned with…
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…
Rolling one-year PE fund returns
Download PitchBook’s Report here. A review of desmoothed returns and the desmoothed nowcast over a rolling one-year horizon shows that PE…
PE nowcast vs. reported returns
Download PitchBook’s Report here. Like many asset classes, US PE funds experienced strong performance gains in the market acceleration during the…
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…
