The notion of private equity as anything but constructive for shareholder value is of recent vintage. The real story of PE is the story of commerce itself. The first enterprising person to buy a company instead of starting one engaged in a private equity transaction.
Before World War II, most “private equity” transactions were funded and financed by wealthy families. The lack of a sophisticated lending infrastructure and regulatory framework for what we call leveraged buyouts today left most corporate investments to the Vanderbilts, Rockefellers and Whitneys who were expanding their family empires...
“The FOMO of being in any AI deal as early as you can in the private markets is pretty remarkable.” – Orlando Bravo, co-founder, Thoma Bravo (Bloomberg).
Featuring Charts
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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Chart of the Week: State of Returns
For over two decades private equity has outperformed public stocks in state pension plans. Source: Cliffwater
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Chart of the Week: Back in the Game
While PE deals transacted shrunk since 2021, deal values rose over past three years. Source: PitchBook
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Chart of the Week: Private Credit Doubles
Direct lending and BDCs expected to lead the growth of private credit. Source: Fitch Ratings
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Chart of the Week: Premium Outlet
The private credit yield advantage over BSL widens as single-B spreads shrink. Source: KBRA DLD Research, PitchBook LCD
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Features
Octus: Private Credit & Deal Origination Insights – 2/2/2026
Over $3 Billion of Loans (at Cost) in Non-Accrual Status as of Q3’25 Mature Through 2027 Click here to read the full release. According to Octus data, 2025 credit issuance remained resilient for the second consecutive year, defying market volatility as private credit cemented its status as a mainstream financing powerhouse…. Subscribe to Read MoreAlready
The Pulse of Private Equity – 2/2/2026
PE take-private deal activity Download PitchBook’s Report here. Take-private deal value was buoyed by a handful of gargantuan deals, even as the number of transactions declined YoY…. Subscribe to Read MoreAlready a member? Log in here...
PDI Picks – 2/2/2026
Credit secondaries take flight Secondaries is a part of the private credit market that gained momentum last year and shows no signs of slowing. This week has brought further evidence of the continuing rise of private credit secondaries, with French fund manager Eurazeo announcing a €480 million continuation vehicle backed by Pantheon…. Subscribe to Read
Middle Market & Private Credit – 1/26/2026
U.S. Alternative Investment Manager Ratings Stable Despite Challenging 2026 Click here to learn more. Fitch Ratings expects the credit profiles of rated alternative investment managers (alt IMs) to remain stable despite a difficult backdrop. Rated alt IMs benefit from investor consolidation, as periods of uncertainty increase demand for scaled, multi-strategy platforms…. Subscribe to Read MoreAlready
Leveraged Loan Insight & Analysis – 1/26/2026
Yield premium on direct lender arranged MM sponsored deals tightened in 4Q25 Yields for large corporate and middle market(MM) sponsored loans – whether executed via the broadly syndicated or direct lender loan markets – tightened in 4Q25 amid abundant lender liquidity and inadequate supply of new deal flow to meet demand…. Subscribe to Read MoreAlready
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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