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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 
Middle Market Deal Terms at a Glance - July 2024
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
Distribution of MFN Maturity Carveout Horizons
(Past performance is no guarantee of future results.)
PMRs Stay Longer in ‘CCC’ Category
Click here to learn more. PMR issuers within the ‘CCC’ category have a lower average annual upgrade rate, lower average…
PE take-private deal activity
Download PitchBook’s Report here. In Q1, the number of middle-market take-private transactions saw a notable increase. We believe this reflects the…
Infrastructure in the spotlight
It’s an area of alternative assets that has retained its popularity with LPs despite the challenges experienced by fundraisers lately.…
Security Issues
The prospect of lower interest rates has boosted new CLO issuance at a record pace. Source: CreditFlux(Past performance is no…
Loan Stats at a Glance - 7/15/2024
Source: PitchBook LCDContact: Ryan Brownryan.brown@pitchbook.com
Tyranny of Dry Powder – An Update
Partnering with top-tier private equity firms also creates alignment with more defensive, growth-oriented sectors. Not coincidentally, these businesses retain the…
The Pulse of Private Equity – 7/8/2024
Download PitchBook’s Report here. Revenue multiples saw a much more aggressive run-up to the peak reached in 2021 and a much…
Percentage of Loans with MFN Carveouts
(Past performance is no guarantee of future results.)
1H24 Sponsored loan volume tops US$400bn, exceeding full year 2023 results
PE sponsors tapped the loan market for a record US$227bn in 2Q24, pushing sponsored issuance for the first six months…
PMR Portfolio Concentrated in Lower Rating Categories
Click here to learn more. The PMR portfolio consists exclusively of ‘B’ category and below issuers as the companies in…
The Pendulum Always Swings
Refinancings by direct lenders returned last quarter to outweigh BSL takeouts. Source: PitchBook LCD, data through June 30, 2024(Past performance…
“A Slow Sort of Country”
“Now, here, you see, it takes all the running you can do, to keep in the same place. If you…
Direct lending still the preferred choice
In a much-changed world, investors are inclined to support well-established strategies and geographies. As the saying goes: the more things…
CLO Awakening (Part One of Two)
The first half of 2024 kept us busy tracking volume in the newly energized BSL market. Remarkable, but not unexpected,…