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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.
Private Debt Intelligence - 10/21/2024
Management fees for private debt second lowest in private markets Read more in Preqin’s Private Capital Fund Terms Advisor 2024…
Letter from the North Country
Consistent with remarks from conference panelists, pension plans are looking at more niche private credit strategies to achieve diversified return…
Share of New-Issue Loans with Pick-Your-Poison Provisions
(Past performance is no guarantee of future results.)
Leverage on middle market sponsored deals increased to 4.76x on average in 3Q24
Total leverage on sponsored middle market deals climbed to 4.76x on average in 3Q24 from 4.61x in 2Q24 and was…
Challenging notions of secrecy
Read the column from Jiri Krol of the Alternative Credit Council here The Managed Funds Association has defended private credit…
A World Away
Fund managers are looking increasingly to global issues for biggest risks. Source: The Daily Shot, BofA Global Research(Past performance is…
Median EV/revenue multiples on PE deals below $25 million
Download PitchBook’s Report here. While we do not believe the much-feared valuation reset is in the cards, we do believe the…
Downhill From Here
Does this lower-for-longer outlook mean the end of the Golden Era for private credit investors? All-in spreads have been at…
Percentage of Loans with F&C Tranche Growers
(Past performance is no guarantee of future results.)
PE take-private deal activity
Download PitchBook’s Report here. In Q3 2024, take-private deal activity plummeted from the two-year high recorded in Q2. Deal count declined…
US LBO Capital Structures: In world of high valuations, increased senior leverage and equity prevail in 3Q24
While pro forma leverage and equity contributions for US large cap LBO transactions have remained elevated, and continue to move…
Munich’s key talking points
Read PDI’s Report: Golden age talk tempered by concern over recent vintages Stress, pricing pressure and resilience were among the…
All of the Above
Investors expect modestly lower credit spreads, no change, and some widening. Source: The Daily Shot, PitchBook/LCD(Past performance is no guarantee…
Everything Happens So Much (Part Two)
Investors are challenged today with so much data and distraction coming at them from every angle. This makes it tough…



Everything Happens So Much (Last of Three Parts)
While the expected pace of Fed cuts has slowed, nothing suggests a change in direction. This course suggests a re-assessment…