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Business of Private Credit: Sectors and SIC Codes
We’ve spent the last few weeks covering the businesses of the core middle market. Does that same discipline hold when you move up market?
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July 22, 2026 
US Leveraged Loan Issuance Picks Up in May, Accelerates in June
Click here to access Bloomberg’s US Leveraged Finance Chartbook May’s 41 deals for $31.6b was up $21.4b, or 210% from…
Loan funds post 4 consecutive weeks of inflows
Following the bout of market volatility and accompanying large outflows posted in April, both loan funds and high yield bond…
Average Free-and-Clear as a Multiple of Pro Forma Adjusted EBITDA
(Past performance is no guarantee of future results.)
Share of buyout inventory by industry (top 15)
Download PitchBook’s Report here. A clear concentration of buyout inventory resides in four sectors: software, commercial products and services, and healthcare…
European unitranche market shows resilience
The deal total for the first quarter was well ahead of last year’s equivalent, with the Benelux region particularly active.…
Mission Unstoppable
Private credit AUM expected to continue steady growth, driven by direct lending. Source: Fitch Ratings, Preqin
There’s a New Tariff in Town (Second of Two Parts)
One criticism of private credit goes something like this: “Sure, private credit has a pretty good track record. But that’s…
US Leveraged Loans Post Largest Monthly Return Since 2023
Click here to access Bloomberg’s US Leveraged Loan Index Report After a brief pause in its long-running rally, the Bloomberg…
Uncapped EBITDA Adjustments: Sponsored vs. Non-Sponsored (LTM)
(Past performance is no guarantee of future results.)
Share of private debt capital raised by type
Download PitchBook’s Report here. In Q1 2025, the distressed debt substrategy secured $21.4 billion in commitments, largely thanks to the $16 billion…
Private Credit’s Growing Complexity Untested Through Market Cycles
Click here to download report. Private credit (PC) markets remain resilient, despite recent challenges stemming from tariff-driven market volatility, slowing…
Daily Analytic: First-lien share of BDC portfolios continues to climb
The first-lien share of BDC portfolios continues to edge higher, climbing to 86.4% in 1Q25, up 4 percentage points from…
The growing importance of geopolitics
Given the high-profile and disturbing nature of tensions between certain countries, geopolitics weighs heavily on investors’ minds today. While the…
Rising Sun
Japan’s long-dated bond yields have moved up sharply so far in 2025. Source: The Daily Shot
Letter from Tokyo (Last of a Series)
“Rice supplies in Japan still low, with prices almost doubled since a year ago.” – Headline, Asia News Network. Always…
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…