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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 
Distribution of MFN Sunset Horizons
(Past performance is no guarantee of future results.)
The New Paradigm (Fourth of a Series)
Why is private credit getting called out for potential bubbles and systemic risk when banks have been the ones failing?…
Median Leverage and Coverage
Fitch’s privately covered Middle Market (MM) portfolio is made up of generally smaller issuers (with average EBITDA of $54 million,…
With only a few weeks left to 2023, US leveraged volume lags year ago results
Despite a steadier second half to the 2H23 debt capital markets, at US$856bn, leveraged issuance for 2023 lags year ago…
Private Debt Intelligence - 12/11/2023
Special situations funds close over target in North America [wpdm_package id=’67719′] The average percentage of target size at final close…
Loan Stats at a Glance - 12/11/2023
Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com
Room for improvement on ESG
A group of investors noted the progress made by private debt in ESG and DEI, but there is still some…
Lower Later
The futures market now expects Fed Funds to be 120 bps lower next year. Source: The Daily Shot(Past performance is…
A quarter of megafunds
Download PitchBook’s Report here. Global fundraising is on a healthy trajectory this year, according to PitchBook’s Q3 2023 Global Private Market Fundraising…
Exposed companies in the US real-estate market
Restructuring activity in the real-estate market picked up in 3Q23, with 11 companies filing for Chapter 11 bankruptcy protection, representing USD 1.55bn of…
The New Paradigm (Third of a Series)
The confusion around differences between public and private credit dynamics has been compounded by the rapid growth of the illiquid…
Fitch’s Private Middle Market Portfolio, Rating Activity
Defaults in Fitch’s PMM portfolio persisted at a low level this quarter with two issuers defaulting, bringing the YTD total…
Percentage of Loans with Asset Sale Sweep Step-downs
(Past performance is no guarantee of future results.)
2023 US LBO purchase price multiples are the lowest since 2018
US LBO purchase price multiples have decreased two steps this year, to 11.2x on average, the lowest mark since 2018.…
The New Paradigm (Last of a Series)
In the capital markets this year, it’s all been about rates and inflation: can the Fed’s higher-for-longer regime bring prices…