Private equity firms spend considerable time finding the right business, market, or operating model before making an investment. This is fundamental, not opportunistic. Firms develop a long-term view on which industries or types of companies provide the best growth prospects, and they are selective about where they deploy capital. It should not be surprising, then, that once a company is identified, it can remain an object of focus for many years.
The lifecycle often begins in the lower middle market, where smaller PE funds buy founder-owned or family-owned businesses...
Quote of the Week
“I’m not surprised to see BDCs actively using the secondary market to achieve portfolio management and/or liquidity objectives.” – Jeffrey Griffiths, global head of private credit, Campbell Lutyens (WSJ)
Featuring Charts
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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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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Octus: Private Credit & Deal Origination Insights – 3/9/2026
U.S. Sub-Investment Grade SaaS Companies – QRT Revenue Growth YoY Click here to watch Octus Webniar: Investor’s Guide to Navigating AI Fallout on the Credit Markets… Subscribe to Read MoreAlready a member? Log in here...
Middle Market & Private Credit – 3/9/2026
US Private Credit Defaults Hit New Highs but Losses Remain Contained Click here to learn more. The default rate in Fitch Ratings’ privately monitored ratings (PMR) portfolio hit 9.2% in 2025, a new high, up significantly from 8.1% in 2024. Defaults were not concentrated in any particular sector, though Fitch recorded four defaults in the…
The Pulse of Private Equity – 3/9/2026
Multiples on BSL-funded LBOs Download PitchBook’s Report here. Debt capacity limitations have meant sponsors are pressured to deploy more equity capital to fund their portfolio investments…. Subscribe to Read MoreAlready a member? Log in here...
Leveraged Loan Insight & Analysis – 3/9/2026
US LevFin issuance slips in February amid softer, more volatile market backdrop US LevFin issuance topped US$160bn in February, although business slipped 11% from January amid a noticeably weaker market backdrop. Bank loans came back following a somewhat slower month (US$50bn) and high-yield bonds matched January’s issuance (US$30bn), while institutional loans, which drive the majority…
Bloomberg: Leveraged Lending Insights – 3/9/2026
US Leveraged Loans Extend Declines in February Click here to access Bloomberg’s latest Global Leveraged Loan Index Report The Bloomberg US Leveraged Loan Index (Ticker: LOAN) posted a negative return of -0.86% in February, marking the first consecutive monthly decline since last April. Average secondary market prices on US leveraged loans dropped to 94.89 on…
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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
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