
Source: SPI by StepStone.
Download PitchBook’s Report here.
The lower end of the middle market has generated better returns on average and does not come with significantly more left-tail risk. While larger checks have bought a tighter, more predictable band of outcomes, higher entry multiples and debt levels contribute to a higher loss ratio and less upside.
Contact Garrett Black
Latest news
Lack of new issues clouds CLO market
August 11, 2026
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
August 6, 2026
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
August 6, 2026
The US leveraged loan market has continued to slow from the May level of $104.7b, with approximately $76.5b priced in…