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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 
Leverage declined for both direct lending and syndicated deals in 1Q24
Total leverage on sponsored middle market deals ticked down to 4.44x in 1Q24, driven by a drop in first lien…
Percentage of Loans with F&C Tranche Growers
(Past performance is no guarantee of future results.)
Loan Stats at a Glance - 4/29/2024
Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com
Common Ground
Higher for longer has compressed leverage for both cov-lite and cov-heavy loans. Source: LSEG LPC(Past performance is no guarantee of…
Best Practices in Private Credit (First of a Series)
Success is a balance of offense and defense. Deploying capital efficiently means sourcing top performing assets – financings to superior…
Private Debt Intelligence - 4/22/2024
The relative attractiveness of alternative asset classes has shifted significantly over the past few years as interest rates have risen…
Rate Expectations
Loan participants see higher defaults from 1.6% today, but not much higher. Source: PitchBook/LCD(Past performance is no guarantee of future results.)
Best Practices in Private Credit (Fourth of a Series)
Understanding the connection between business and structural risks is one of the keys to successful credit investing. “Good company, bad…
Identifying likely buyout take-private targets
Download PitchBook’s Report here. Since the inception of the strategy in the 1980s, buyout managers have maintained a core playbook: Invest…
Drowning in debt: TMT sector braces for wave of Chapter 11 filings
Signs emerged last week in the US of difficult times ahead, as 10 companies filed for Chapter 11 bankruptcy protection, including…
Percentage of Loans with an MFN Sunset
(Past performance is no guarantee of future results.)
US sponsored middle market direct lending volume fell by 10% in 1Q24
Overall sponsored middle market loan volume fell by 6% to US$31.7bn in 1Q24, though it still represented a 46% gain…
How Does the Default Outlook for the Middle Market Compare to BSL?
Download FitchRating’s Report here. The default rate for loans in Fitch’s U.S. Leveraged Loan Universe was 3.3% at the end…
Refinancings redefine the direct lending market, claim 36% share in 1Q24
TTM Default Volume, Count Refinancings claimed 36% of 1Q24 direct lending volume in the US, the largest share of all…
LPs keen to address under-allocations
The latest version of PDI’s Investor Report shows many investors have a long way to go to reach target exposures…
Best Practices in Private Credit (Fifth of a Series)
This week we continue our series on best practices of top private credit firms with a look at how underwriting…