Private Credit – The Final Reckoning (First of a Series)
Moviegoers know that Tom Cruise “does his own stunts.” We always assumed this mostly meant riding motorcycles fast. And even watching his Mission Impossible and Top Gun acrobatics over the years, we figured riskier sequences involved some kind of green screen technology. Until we saw practice runs for his motorcycle jump on the latest MI thriller.
This astounding daredevil performance (Cruise did six takes to get the perfect shot) was not even the highlight stunt of the film. Yet it shows how with repetition comes reputation. In the world of private credit, experienced managers have been executing tricky maneuvers for years, with a select few doing so before and through the GFC. Practicing the minutest details of sound underwriting and careful portfolio construction eventually pays off in premium track records…
▶︎ Read June 9th, 2025 Newsletter: here
Latest news
Lack of new issues clouds CLO market
It’s been boom time in the leveraged loan market but now that market has eased off, what are the implications…
Multiples on PE buyouts
This quarter marks our integration of SPI by StepStone as the primary source for US buyout valuation metrics for the PE Breakdown.
US Leveraged Loan Issuance Slows to $76.5b in July
The US leveraged loan market has continued to slow from the May level of $104.7b, with approximately $76.5b priced in…