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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 
High Five – 2025 Outlook (Last of a Series)
This week we conclude our series on the private capital outlook for the year ahead with our fifth theme: “A…
Morningstar PitchBook Buyout Replication Index excess performance attribution (annualized)
Download PitchBook’s Report here. A returns-based factor analysis using the Fama-French five-factor model plus momentum reveals that the positive alpha from…
US Private Credit Defaults Rose Sharply in 2024 While Lender Losses Remained Limited
Click here to learn more. Join Fitch Rating upcoming Webinar: The Highs and Lows of Private Credit Defaults and Recoveries…
Monthly Returns Diminish Amid Heightened Uncertainty
The Bloomberg US Leveraged Loan Index (Ticker: LOAN), a measure of the US institutional, broadly syndicated, leveraged loan market, returned…
M&A Deal Activity
Amid the whiplash of “will they or won’t they” come into effect, talk of tariffs have contributed to the slowest…
The serial issuer phenomenon: mastering the art of repricing
An increasingly tight leveraged finance environment prompted borrowers to visit the loans market multiple times in 2024 in order to…
Tried and trusted approach embraced by LPs
Many are expecting a recovery in private credit capital formation in 2025, but it’s the long-established direct lending strategy that’s…
Distribution of MFN Maturity Carveout Horizons
(Past performance is no guarantee of future results.)
Liquids Lag
Return performance of broadly syndicated loans consistently lags private credit. Source: Hamilton Lane, Bloomberg, The Daily Shot.
High Five – 2025 Outlook (Sixth of a Series)
In today’s sophisticated market, where capital is concentrated among a smaller number of managers, only the highest quality platforms garner…
US Leveraged Loan Issuance Slows in February
February’s $95b of US institutional leveraged loan issuance declined 49% from January’s $186.4b and represents the lowest volume since last…
Synergies & Cost Savings EBITDA Addbacks
(Past performance is no guarantee of future results.)
BDC portfolio marks move lower for majority of funds that have reported 4Q24 earnings
BDC earnings season is underway, with 50 funds having filed their 4Q24 results as of February 28th. For this cohort…
Is LatAm worth a second look?
It’s one of the most undeveloped private debt regions but demand is there from consumers, SMEs and infrastructure projects. Unlike…
Financial leverage for buyout deals by deal year
Download PitchBook’s Report here. Greater leverage is another key distinguishing characteristic of buyout-backed companies. Over the past 10 years, the average…
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…