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Business of Private Credit: Safety, Not Size
Even the best credit managers have loans that go bad. What separates them from everyone else is the history and experience they bring to working these problems out.
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August 5, 2026 
Fundraising bounces back
The early signs in 2025 are positive as capital raisers enjoyed a prolific three months and distressed strategies increased market…
Senior direct lending strategies dominate private-credit fundraises in 2024
Despite challenging fundraising conditions for private market strategies persisting into 2024, the past year has seen private-credit funds break new…
Comfort Zone
Australian credit spreads showing signs of bottoming out. Source: The Daily Shot, Topdown Charts, LSEG
Private Credit in a Post-Rate World (Third of a Series)
As we’ve noted, the banks and private credit managers occupy different places in the corporate finance ecosystem. That’s not to…
Share of private debt capital raised by strategy
Download PitchBook’s Report here. Direct lending led as the top fundraising substrategy within private debt, accounting for 60.7% of the capital…
New money financing remains muted as M&A off to slow start in 2025
At just $35.9b or 11% of volume in Q1 2025, new money financing remains sluggish amid record levels of issuance.…
Tight Spreads, Rising Non-Accruals to Further Weaken BDC Earnings
Click here to learn more. Continued spread pressure and additional non-accruals will likely weaken earnings and dividend coverage for business…
Stresses and strains may trigger a distress revival
Distressed debt has adapted to more benign market conditions but may revert to a ‘pure’ form as pressure on borrowers…
Evolution of leveraged loans by vintage shows notable reductions in near-term maturity walls
Leveraged loan issuers have continued to proactively manage their capital structures via refinancings and extensions, driving significant reductions in near-term…
Percentage of Loans with an MFN Sunset
(Past performance is no guarantee of future results.)
Seven Year Switch
Private wealth investors expected to triple allocation to alternatives by 2032. Source: Bain & Company, GlobalData, Preqin, iCapital
Letter from the Persian Gulf
It had been a while since our last MENA visit, so on a recent trip there with our teams, clients…
Private Credit in a Post-Rate World (Second of a Series)
One of the frequent observations of private credit, usually couched as a complaint, is how many competitors are crowding into…
After Record January US Leveraged Loan Issuance Tapers Off in Q1
Following a record January that saw more US institutional leveraged loans price than any year since Bloomberg began tracking the…
Private debt institutional, retail, and insurance AUM ($B)
Download PitchBook’s Report here. Perpetual vehicles for the private wealth investor, also known as semiliquid funds, raised $122 billion in 2024.
Letter from Down Under (First of Two Parts)
“When my 2-year-old opened up her toy chest, things tumbled out. She’s 15 now, so it’s a well-organized make-up box.…