2Q25 US MM LBO volume down 30% quarter over quarter

LSEG (1)
Content hub / Article / LSEG / 2Q25 US MM LBO volume down 30% quarter over quarter

Middle market LBO loan volume totalled US$10.28bn in the second quarter, down 30% compared to 1Q25 results but up 2% compared to the year ago period. At US$8.7bn direct lending LBO activity represented over 84% of total middle market buyout financing during the quarter. Despite steady liquidity across both the the direct lending and broadly syndicated loan markets, market uncertainty contributed to a slow down of new sponsored activity early in the quarter and while there were signs that lender demand for assets outpaced supply, the build out of any new pipeline remained limited.

Contact Maria dikeos
2026 Private Credit Investor Survey

Share your perspective

2026 Private Credit Investor Survey

Institutional investors, RIAs and financial advisors - we want to hear from you. Take this two-minute anonymous survey and receive the results report.
Take the survey
US Private Credit League Tables H1'26

Report

US Private Credit League Tables H1'26

The definitive rankings covering private credit activity in H1'26.
Download
PitchBook's Q2 2026 US PE Breakdown

Report

PitchBook's Q2 2026 US PE Breakdown

Software freezes and energy powers on as US PE deal value falls 38% in Q2 2026.
Download

Latest news

    US Leveraged Loans Return 3.36% to Investors YTD

    The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned 0.96% in August and has gained an additional 0.28% through September…

    Read More

    PE dry powder

    The capital that is being raised is flowing overwhelmingly to the largest, most established managers.

    Read More

    Middle market debt held by BDCs vs High yield vs Treasury yields

    The blue line represents the current dividend yield of the VanEck BDC Income ETF (BIZD), which stood at 11.7% as…

    Read More