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BDC redemptions: Have we seen the peak?
Redemption requests rose in Q2, but underlying trends are encouraging.
BDC redemption requests remain elevated but show some signs of stabilization*
Looking at the 12 largest BDCs that offer investors the ability to redeem shares on a quarterly basis, redemption requests…
Lack of new issues clouds CLO market
It’s been boom time in the leveraged loan market but now that market has eased off, what are the implications…
Private credit, AI, and the Fed: Mickey Levy's outlook for the rest of 2026
A conversation with Mickey Levy, Visiting Fellow at the Hoover Institution at Stanford University.
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About Churchill
Churchill, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides customized financing solutions to U.S. middle market private equity firms and their portfolio companies across the capital structure. With $66 billion of committed capital, the firm provides first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments, secondary solutions and private equity fund commitments.
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3Q26 New loan assets as proportion of total lending edge up to 44%, highest level in 3 years
New loan assets as a proportion of total US loan volume make up 44% of the 3Q26 pipeline to date,…
North American GPs dominant as fundraising accelerates
Our PEI Private Credit 200 ranking also shows capital raising increasing overall – and accelerating especially fast for the largest…
PE exit activity
Exit value fell to $102.6 billion in the second quarter—down 46.3% from the prior quarter and 7.4% YoY—while exit count dropped to 353, a 14.1% quarterly decline and a 5.4% rise against Q2 2025.
US BSL and MM CLO performance held stable in July 2026
In July 2026, portfolio credit quality in reinvesting Fitch-rated U.S. BSL CLOs remained broadly stable from June. Net portfolio losses held at 0.5%. The Fitch weighted average rating factor also held at 23.1. The Fitch weighted average recovery rate declined slightly by 0.1%, while the weighted average spread fell by 0.01%.
Business of Private Credit: Coming Home
Much attention has been paid to the suitability of Matt Damon in the lead role as the wily Odysseus in this summer’s Christopher Nolan blockbuster.