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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.
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…
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.)
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…
Secondary Effects
Since Liberation Day, leveraged loan trading prices have slowly moved higher. Source: Bloomberg US Leveraged Loan Index
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…

Reflections on Wimbledon
As a long-time observer and amateur practitioner of the game, we enjoy the season when tennis arrives at the hallowed…