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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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    Middle Market Survey - Were you able to lend as much as you wanted to in 2Q24?

    Even though middle market loan volume increased by 27% to US$67.2bn in 2Q24, many middle market lenders found sufficient opportunities…

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    Percentage of First Lien Loans with Affected Lender Voting Protection

    (Past performance is no guarantee of future results.)

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    BDCs vs. Middle Market CLOs: Part 1

    Click here to learn more. While the expansion in private credit has attracted widespread media attention in recent years, direct…

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    Continuation-fund-related PE exit count

    Download PitchBook’s Report here. Looking ahead, the forces driving the recent acceleration in continuation funds remain in place. Traditional M&A and…

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    Fast and Furious (Second of Two Parts)

    As we discussed in our Best Practices in Private Credit series, portfolio construction is everything. With little way out short…

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    Synergies & Cost Savings EBITDA Addbacks

    (Past performance is no guarantee of future results.)

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    Fewer PMR ‘CCC’s Reach the ‘B’ Category

    Click here to learn more. Once in the ‘CCC’ category, fewer issuers in the PMR portfolio ascend to the ‘B’…

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    Loan Stats at a Glance - 7/22/2024

    Source: PitchBook LCDContact: Ryan Brownryan.brown@pitchbook.com

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    PE exit/investment ratio

    Download PitchBook’s Report here. GPs need to address the oncoming maturity wall of their existing investments, and many are turning to…

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    Premium for MM direct lending loan yields over large corporate credits averaged 265bp in 2Q24

    Pricing tightened across all market segments in 2Q23 as demand for assets outpaced supply. This enabled borrowers to obtain more…

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    Fundraising revival on hold

    There were some signs of improvement in the second quarter, but raising new private debt capital was still a struggle…

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    Euro Stars

    New CLO issuance in Europe this year is outpacing 2023 by a wide margin. Source: Pitchbook | LCD(Past performance is…

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    CLO Awakening (Second of Two Parts)

    As the leveraged loan market woke up this past January, as confidence in the economy and rate expectations grew, so…

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    Fast and Furious (Part One of Two)

    The Magnificent Seven, representing 40% of the Nasdaq 100, is an extreme example of industry concentration. The market cap of…

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    1H24 New-issue CLO volume sets new record for first six months at over US$99.5bn

    Over US$99.5bn of new US CLO issuance has been completed through the end of June 2024, an increase of over…

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    Private Debt Intelligence - 7/15/2024

    Family office investors favor private debt Read more in Preqin’s Insights+ Research Note: Private wealth’s path into US private debt…

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