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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 
US Leveraged Loan Pricings Smashed Records in 2024
2024 was the year of the leveraged loan, with issuers piling into the market at record levels to reprice debt…
Capital raising dips but senior debt going strong
Global private debt fundraising fell slightly last year, having fallen each year since reaching a high of $332.8 billion in…
Middle Market Deal Terms at a Glance - January 2025
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
Average Free-and-Clear as a Multiple of Pro Forma Adjusted EBITDA (M&A-Related vs. All Deals)
(Past performance is no guarantee of future results.)
North America Private Credit Default Rates to Stabilize in 2025
Click here to learn more. Join Fitch for the upcoming Outlook panel: Credit Outlook 2025 Private Credit Rating downgrades and default…
Global PE exit activity
Download PitchBook’s Report here. 2024 recorded just under 3,800 completed PE exits, for an aggregate of over $900 billion (including estimations).
Nearly 83% of total 2024 US institutional loan volume represented refinanced credits
Arrangers of leveraged loan debt kept busy in 2024, raising nearly US$1.7trn of issuance during the year.
Labor on a Roll
December’s job adds topped expectations, suggesting slower Fed rate cuts. Source: WSJ, The Daily Shot
Private Equity Now – Impact on Fundraising (LP Perspective)
We resume our discussion of the private equity liquidity crunch and its impact on fundraising, this time from the LP’s…
Private Debt Intelligence - 1/6/2025
Direct lending the driver of private debt growth in Europe Read more in Preqin’s ‘2025 Global Report: Private Debt’. Since…
Percentage of Loans that Allow Uncapped Synergies & Cost Savings EBITDA Adjustments, Sponsored vs. Non-Sponsored (LTM)
(Past performance is no guarantee of future results.)
North America Private Credit Downgrades to Moderate in 2025
Click here to learn more. Join Fitch for the upcoming Outlook panel: Credit Outlook 2025 Private Credit Rating downgrades and default…
Global PE deal activity
Download PitchBook’s Report here. Based on PitchBook’s preliminary analysis, 2024 was a rebound for global PE activity.
2024 US M&A loan volume up nearly 40% year over year off low 2023 base
US lenders committed to US$337.5bn in M&A loan volume in 2024, an increase of 40% compared to the 13 year…
Performance driving LP confidence
Investors are by and large happy with what private debt has achieved, even if they do have some reservations. In…
High Five – 2025 Outlook (Second of a Series)
What we learned about 2024 is that many worries identified by analysts and market observers came to naught. Rates, economic…