Diversification is an important topic and a strong consideration for any portfolio. It can come in many forms. In public markets, geographic diversification is often treated as a default best practice. However, in private equity, there is a compelling case for concentrating exposure exclusively in the United States rather than spreading capital across international markets.
The US remains the deepest, most efficient, and most transparent private equity market in the world. US buyout dominates global private equity, accounting for more than half of all deal activity...
Quote of the Week
“With regard to AI, expect more models, more infrastructure, more money, and more uncertainty.” – Stefan Slowinski, global head of software research, BNP Paribas (KBRA).
Featuring Charts
Chart of the Week: Clearing the Backlog
US and European exits were on the rise in 2025. Source: Dealogic, Bain & Company
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Chart of the Week: Growth is King
Private equity returns are largely attributable to revenue growth. Source: McKinsey & Co, SPI by StepStone
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Chart of the Week: The Sweet Spot
The middle market punches above its weight. Source: State Street Private Equity Index as of 9/30/2025
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Chart of the Week: Private-Side Only
US companies that go public are opting to stay private longer. Source: Jay Ritter, University of Florida; Apollo’s The Daily Spark
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Chart of the Week: The Equity Premium
In the long-term private equity pays for more risk with better returns. Source: MSCI
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Chart of the Week: Inventory Check
Private equity remains an attractive option for investors through cycles. Source: PitchBook
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Features
Octus: Private Credit & Deal Origination Insights – 3/2/2026
Upcoming Maturities for BDC-Held Software Loans Click here to access the analysis In the near term, private credit restructurings for software companies are likely to be minimal given the relatively low number of loans set to mature over the next few years…. Subscribe to Read MoreAlready a member? Log in here...
Leveraged Loan Insight & Analysis – 3/2/2026
US sponsored loan volume tops US$148.7bn YTD, driven primarily by refinancing activity At US$148.7bn, US sponsored lending was down 26% during the first two months of the year compared to the same period last year, with refinancings accounting for US$82.3bn in volume, while new money totaled US$66.4bn, or 55% and 45% of issuance, respectively…. Subscribe
Middle Market & Private Credit – 3/2/2026
AI Disruption Puts Alt-Investment Manager Software Exposures in Focus Click here to learn more. Sharp declines in major software company valuations amid rising investor concerns about AI-driven disruption have raised questions about lenders’ and asset managers’ sector exposure. While direct lenders, including business development companies (BDCs), typically have sizable software exposures, Fitch-rated alternative investment managers…
The Pulse of Private Equity – 3/2/2026
Median enterprise value (EV)/revenue multiples on PE deals of $2.5 billion or more Download PitchBook’s Report here. PE buyout valuations were a mixed bag in 2025, with EBITDA and revenue multiples undergoing different trends YoY, but ultimately rebounded from recent lows seen in 2023 to reach the high levels seen in 2021…. Subscribe to Read MoreAlready
PDI Picks – 3/2/2026
Strong performance in a dislocated world The covid pandemic saw high-quality assets with temporary difficulties being snapped up at discounted valuations. In this, the final reflection on our inaugural private markets performance quarterly report, we cast our minds back to a classic period of dislocation – the covid pandemic – and the impact it had…
Middle Market Deal Terms at a Glance
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Beginning in July 2022 The Lead Left published a series of articles on credit market. This report consolidates those articles.
Cov-lite trends Inflation & rising interest rates – LIBOR to SOFR transition Mega-tranche uni trend ESG takes center stage Login to view interactive report and download PDF version. … Subscribe to Read MoreAlready a member? Log in here Related posts: 2H 2021 Midyear Outlook Report State of the Capital Markets – Fourth Quarter 2016 Review and
Beginning in September 2021 The Lead Left published a series of articles on supply chain. This report consolidates those articles.
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