According to iCapital, private credit refers to “tailored financing options – typically loans – that are directly made to strategically identified companies by non-bank lenders. These…may include direct loans, distressed debt, asset-based loans or specialty finance solutions.”
Unfortunately, the term has become a stand-in for bubble risk, panicking retail cash, and scavenging insects. This framing stereotypes the asset class and ignores the more disciplined, historically grounded aspects of the market...
Quote of the Week
“If I allowed more people to redeem, I’m not a fiduciary to those who are staying in.” – Larry Fink, chief executive officer, BlackRock Inc. (Bloomberg, BBC).
Featuring Charts
Chart of the Week: Leverage Takeover
Middle market buyout financings increasingly dominated by direct lenders. Source: LSEG LPC. Middle Market LBO volume.
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Chart of the Week: Perception is Reality
Investors bombarded with scary headlines worrying less about real private credit risks. Source: PitchBook
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Chart of the Week: The IT Factor
IT deals commanded a larger piece of the M&A pie in 2025. Source: PitchBook
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Chart of the Week: Leading the Way
The US was a relative bright spot in global private equity fundraising in 2025. Source: Preqin, McKinsey analysis
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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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Features
Bloomberg: Leveraged Lending Insights – 3/30/2026
US Leveraged Loans Post 0.48% Gain in March The Bloomberg US Leveraged Loan Index (Ticker: LOAN) posted a return of 0.48% in March, reversing a decline that began in January and brings the year-to-date return to -0.56%…. Subscribe to Read MoreAlready a member? Log in here...
Middle Market & Private Credit – 3/30/2026
US Private Credit Transparency Improves Amid Interconnectedness Risks Click here to learn more. Transparency around private credit in North America is modestly increasing, according to Fitch Ratings. Stronger regulatory disclosure requirements, the rise of SEC-registered vehicles and individual issuer efforts to respond to market concerns are driving this change. However, most private credit information remains…
Leveraged Loan Insight & Analysis – 3/30/2026
1Q26 US broadly syndicated loan volume totaled US$779bn, down 6% YoY The US broadly syndicated loan market closed the first quarter of 2026 with nearly US$779bn in issuance, down 10% from the prior quarter and 6% from the same period last year, while new-issue loan volume accounted for just over 32% of total activity (US$251bn),…
Octus: Private Credit & Deal Origination Insights – 3/30/2026
Over One-third of the Information Technology Sectors’ Non-Accrual Loans Were Marked at 25 or Below as of Q3’25 Click here to learn more about private credit’s software exposure. Click here to request access to the full BDC market analysis…. Subscribe to Read MoreAlready a member? Log in here...
The Pulse of Private Equity – 3/30/2026
PE exit activity with exits of $1 billion or more Download PitchBook’s Report here. Exit count remains 9.7% below pre-pandemic averages, as exits have been centered around large transactions rather than numerous transactions…. Subscribe to Read MoreAlready a member? Log in here...
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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