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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.
Working From Home
Slower M&A has extended time PE-owned companies in portfolios to ten-year high. Source: PitchBook
High Five – 2025 Outlook (Fifth of a Series)
There are clear reasons for a more bullish sentiment to take hold in private capital investment in the year ahead.…
Cracks begin to show in primary market amid tight pricing
The average all-in spread for 1st lien leveraged loans for the 3-month period ending in January was 313 bps, down…
To ESG or not to ESG
LPs appear to be sending contradictory messages on the importance of incorporating ESG and sustainability into investment approaches. How seriously…
Average Minimum Day-One Capped Basket Capacity, YoY
(Past performance is no guarantee of future results.)
Hypothetical growth of $100 invested by index
Download PitchBook’s Report here. PitchBook and Morningstar recently introduced their Buyout Replication index, which is snapshotted below in part.
As par-plus loans begin to drift lower, new repricing candidates prove no easier to find
Regardless of where one points the blame – a slight downshift in technicals, cracks in broader market conditions, or the…
Home in the Range
The threat of tariff-triggered inflation should keep Fed Funds rates range-bound. Source: iCapital, Bloomberg, Federal Reserve.
Private Credit in a Post-Rate World (First of a Series)
When you’re successful, everyone wants a piece of you. That’s the challenge private credit faces today. Its grown from a…
High Five – 2025 Outlook (Fourth of a Series)
Asset managers with deep-rooted PE relationships forged via a range of touchpoints beyond private debt, including through fund commitments and…
Real estate’s dip and fightback
The property sector suffered well-publicised difficulties in the wake of covid but investor interest is returning. The real estate debt…
US Leveraged Loan Launches Taper from January Highs
Leveraged loan launches have slowed from the record-breaking pace set in January when approximately $204.8b was brought to market for…
US PE EV/EBITDA multiples
Download PitchBook’s Report here. Going forward, as deal volumes expand—especially among PE owners selling to other PE firms—a recent uptrend in…
Private Debt Intelligence - 2/17/2025
Private exit volumes level out Read more in Preqin’s ‘Deal Flow Monitor: Outlook 2025’. Higher interest rates have hampered the…




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…