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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.
High Five – 2025 Outlook (Second of a Series)
The focus now is on mostly global rather than domestic issues. Tariffs, trade, and geopolitical risks are taking center stage.…
Private Debt Intelligence - 2/3/2025
Investors stick to less risky debt strategies Read more in ‘Private Debt Q4 2024: Preqin Quarterly Update’ Private debt fundraising…
Record Month of January Sets Pace for a Busy 2025
January’s $186b of US institutional leveraged loan issuance was up $45.7b for an increase of 32.6% from the same month…
Carveouts/divestitures as a share of all US PE buyouts by quarter
Download PitchBook’s Report here. Carveouts accounted for 11.8% of all US PE buyouts in Q4 2024, a sequential quarterly increase.
Daily Analytic: Unitranche spreads tighten sharply over the last year
Unitranche pricing tightened significantly over the course of 2024, moving steadily lower in the first nine months of the year…
Real estate’s silver lining
It’s an area of investment that hasn’t had the best headlines in recent times, but debt providers believe there are…
Share of Loans with Uncapped Synergy & Cost-Savings Add-Backs
(Past performance is no guarantee of future results.)
High Five – 2025 Outlook (Fifth of a Series)
Number three of our five themes for 2025: “Default position: Discipline and careful portfolio construction will keep portfolios clean.” There…
Wide Dispersion
BSL defaults at 3Q 2024 were more than six times those in private credit. Source: Proskauer (Private Credit), Fitch Ratings…
High Five – 2025 Outlook (First of a Series)
Increased competition between banks and private credit leading to weaker terms? Not in the middle market, where terms remained investor-friendly.…
2025 Kicks off with Record Wave of Leveraged Loan Launches
At approximately $199.4b through January 29th, the new year has picked up right where 2024 left off in terms of…
Percentage of First Lien Loans with Affected Lender Voting Protection
(Past performance is no guarantee of future results.)
US industrials PE deal activity
Download PitchBook’s Report here. Industrials PE activity was relatively strong in 2024, with industrials seeing an estimated 1,799 deals and $135.8 billion in…



High Five – 2025 Outlook (Sixth of a Series)
Number four of our five themes for 2025: “Platform excellence: How managers will win business tomorrow.” Even as the liquidity…