“Private credit is, by its nature, still an illiquid asset class.” No amount of wishing will make it otherwise. As a superb report by Hightower Advisors details, understanding that truth is key for retail investors to sort through today’s market noise.
For while private credit is being held for questioning under suspicion of…well, everything, hundreds of sophisticated institutional clients are enjoying its enormous benefits. Far from redeeming their interests, the vast majority are maintaining or increasing their exposure. What do they know that others fail to grasp?...
Quote of the Week
“Non-tradeds (BDCs) will likely be fine in the base case, and perhaps improve on their design for the long run.” – Wells Fargo Equity Research, March 2026.
Featuring Charts
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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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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Features
Octus: Private Credit & Deal Origination Insights – 3/23/2026
Leverage Widened QoQ Across the top 5 Sectors Tracked in Q4’25, Except for Business Services; Spreads Tightened for Most Except for the Healthcare Sector Octus’ private credit data shows that software and technology deals saw the highest leverage by sector in Q4’25, while spreads continued to compress…. Subscribe to Read MoreAlready a member? Log in
Middle Market & Private Credit – 3/23/2026
Software Deferrable Exposure Rising in U.S. Middle Market CLOs Click here to learn more. Technology-software assets in deferrable asset exposure are increasing within U.S. middle market (MM) collateralized loan obligations (CLOs) under Fitch’s surveillance. Selected indentures have also evolved their definitions of “Deferrable Obligation”. These trends drive elevated aggregate deferrable exposure in MM CLOs…. Subscribe
The Pulse of Private Equity – 3/23/2026
Continuation-fund-related exit count Download PitchBook’s Report here. Exits through continuation funds have become a more common exit solution in recent years as sponsors seek to provide LPs with liquidity during a weak exit environment while also allowing more time to generate additional value within their portfolio companies…. Subscribe to Read MoreAlready a member? Log in here...
Leveraged Loan Insight & Analysis – 3/23/2026
BDC AUM climbed to a new high of US$568bn in 4Q25 The year-end 2025 BDC filing season is nearing an end, with most of the largest BDCs having published their results…. Subscribe to Read MoreAlready a member? Log in here...
PDI Picks – 3/23/2026
Fundraising shows signs of weakening It’s only the first quarter, but there are indications that macro events may be taking something of a toll on capital-raising efforts. With just a week to go until the release of Private Debt Investor’s Q1 2026 Fundraising Report, initial figures indicate that fundraising in the first quarter will fall…
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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