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“Manager performance is the beta of private credit. The alpha is client support. Transparency and timeliness of information is critical, especially at the outset.” – Australian investor.

As the Australian market has matured, it has geared a variety of private credit products to different investor types. These embrace institutions, family offices, high-net-worth, and ultra-high-net-worth individuals. And as the asset class has become more sophisticated globally, investment structures were developed to meet the diverse needs and requirements of LPs.

In that regard, private credit users find a menu of options available for liquidity (evergreen or closed-end), fees (flat or performance-based), fund size (SMAs vs. commingled), and diversity of capital (credit vs. equity). Any manager worth their salt must be equipped with all these to offer...

“There is real pressure across the globe to sell Treasuries and corporate bonds if you are a foreign holder. – Peter Tchir, head of US macro strategy, Academy Securities. (FT)

Featuring Charts

Chart of the Week: Middle Market Breakdown

April 13, 2025

Despite other views, the middle market has three parts, each with their own features. Source: Churchill Asset Management

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Chart of the Week: Comfort Zone

April 7, 2025

Australian credit spreads showing signs of bottoming out. Source: The Daily Shot, Topdown Charts, LSEG

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Chart of the Week: Seven Year Switch

April 1, 2025

Private wealth investors expected to triple allocation to alternatives by 2032. Source: Bain & Company, GlobalData, Preqin, iCapital

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Chart of the Week: Reverse Gear

March 25, 2025

After seven straight weeks of cash in-flows, high-yield funds showed out-flows. Source: Morningstar/PitchBook

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Chart of the Week: The Shortest Month

March 17, 2025

After peaking last fall, leveraged loan returns dropped sharply in February. Source: PitchBook

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Chart of the Week: Liquids Lag

March 10, 2025

Return performance of broadly syndicated loans consistently lags private credit. Source:  Hamilton Lane, Bloomberg, The Daily Shot.

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Features

The Pulse of Private Equity – 4/14/2025

Private debt rolling one-year horizon IRR by type Download PitchBook’s Report here. Of the major substrategies, mezzanine funds led for five consecutive quarters until Q2 2024, when the strategy fell to third…. Subscribe to Read MoreAlready a member? Log in here...

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Bloomberg: Leveraged Lending Insights – 4/14/2025

Launch Drought Extends to 14 Days, Setting Bleak New Record Click here to access Bloomberg’s US Leveraged Finance Chartbook Wednesday, April 16th was the 14th business day running without a leveraged loan launch, marking the longest such primary issuance draught since Bloomberg began tracking the data in 2013…. Subscribe to Read MoreAlready a member? Log

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Middle Market & Private Credit – 4/14/2025

Inflows, Competition to Pressure Perpetual BDC Earnings, Asset Quality Click here to learn more. The elevated competitive underwriting environment for business development companies (BDCs) will persist in 2025 due to significant capital being raised, especially in perpetual, non-traded BDCs amid sluggish M&A activity. The difficult environment will negatively affect earnings and asset-quality metrics, while also…

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Leveraged Loan Insight & Analysis – 4/14/2025

US institutional loans pipeline grinds down to US$5.1bn amid tariff whiplash Early in the second quarter, the institutional loan calendar stands at just over US$5bn, the lowest level in 5 years…. Subscribe to Read MoreAlready a member? Log in here...

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PDI Picks – 4/14/2025

Distress takes the fundraising limelight Q1 2025 saw a reversal in fortunes, with direct lending making a slow start to the year. In recent years it’s almost felt as if direct lending has been the only game in town. Whenever Private Debt Investor collects global fundraising data, we always break it down by target strategy….

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