US private credit lending continued on its upward trajectory in 4Q25, driven by a jump in new money financings

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US direct lending sponsored volume climbed to US$109bn in 4Q25, an increase of 19% from the prior quarter. This uptick was driven by add-on M&A (+78%) and LBOs (+23%), which helped push new money financings up 44% to US$78bn. In contrast, refinancing volume fell to US$31bn in 4Q25 from US$37bn in the prior quarter.