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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 
The New Order: Leverage Finance in an Asset Management World (Second of a Series)
The battle for buyouts is over: privates have won. Private credit fundraising has changed that narrative for good. Increasingly, leading…
Private Debt Intelligence - 3/25/2024
North American-based private debt AUM hits $1tn Private debt in North America has overtaken real estate in 2023 to become…
Healthcare is generating significant numbers of restructuring cases
A guide to distress in healthcare The US healthcare sector has been beset by malaise in recent months, with the…
Percentage of New Issue First Lien Loans that Cleared with a J. Crew Trapdoor
(Past performance is no guarantee of future results.)
Introducing LCD’s dual-track default rate: Sponsors drive distressed exchanges
Download PitchBook’s Report here. In tandem with LCD’s legacy criteria capturing general defaults of missed payments and bankruptcy filings, LCD is…
BDC assets under management reach a new high of US$315bn
BDC assets under management (AUM) reached a new high of US$315bn at the end of 2023. The new record represented…
Stepping Down
Private borrower covenant (not payment) default rates fell for third straight quarter. Source: Lincoln International Proprietary Private Market Database(Past performance is…
Loan Stats at a Glance - 3/25/2024
Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com
Volatile times, but no distressed boom
Capital raising for distressed and special situations strategies has remained at modest levels since hitting a peak in 2019. Fundraising…
Median PE middle-market EV/EBITDA multiples
Download PitchBook’s Report here. Both EV/EBITDA and EV/revenue multiples tell a similar story for middle markets: Valuations reached their apex in…
The New Order: Leverage Finance in an Asset Management World (First of a Series)
In the same way, we think, private credit has grown from a back-water of middle market lending in the 1980’s…
Survey: Outlook for Middle-Market M&A Lending in 2Q24
According to preliminary results from LSEG LPC’s quarterly middle market lender outlook survey, a large majority, nearly 70%, of respondents…
Percentage of Deals with 75+ bps MFN
(Past performance is no guarantee of future results.)
LPs follow the pack
Our research indicates investors are keeping faith with mainstream strategies – at least for now. Conservatism appears to be the…
Middle Market Deal Terms at a Glance - March 2024
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
The New Order: Leverage Finance in an Asset Management World (Last of a Series)
While private credit is growing in popularity with both investors and issuers, banks are seen to be struggling with the…