Deal-making is poised to rebound, thanks to lower interest rates, a strong economy, and an overall favorable macro environment. So why does the media persist in predicting a gloomy outlook for private equity?
There are certainly less optimistic data about the industry. Fundraising, for example, has slowed. According to PitchBook, PE firms have raised $320 billion. This is a far cry from the $650 billion three years ago, making 2025 one of the worst fundraising vintages in ten years. The number of funds created has plummeted as well...
“There is still very much a robust age of private equity fundraising. It’s just that the bar is higher, you have to be good at it, it has to be sustained, and it’s harder to raise capital.” – Aaron Sack, head, Morgan Stanley Private Equity (Private Capital Call).
Featuring Charts
Chart of the Week: Back in the Game
While PE deals transacted shrunk since 2021, deal values rose over past three years. Source: PitchBook
Read More
Chart of the Week: Private Credit Doubles
Direct lending and BDCs expected to lead the growth of private credit. Source: Fitch Ratings
Read More
Chart of the Week: Premium Outlet
The private credit yield advantage over BSL widens as single-B spreads shrink. Source: KBRA DLD Research, PitchBook LCD
Read More
Chart of the Week: Easing Down
Defaults for the overall leveraged loan market are at lowest point since 2023. Source: The Daily Shot, PitchBook/LCD, Morningstar LSTA US Leveraged Loan Index
Read More
Chart of the Week: Prime Cut
A low probability just weeks ago, chances for a 25 bp cut now seem likely. Source: The Daily Shot
Read More
Chart of the Week: Lower for Longer
Direct lending defaults lead credit categories in low defaults, though headed higher. Source: KBRA DLD Default Research
Read More
Subscribe Now!
Join the leading voice of the middle market. Try us free for 30 days.
Click here to view the Newsletter sample.
What is the Lead Left?
- One-stop source for deals and data
- Market trend commentary and analysis
- Exclusive interviews with thought leaders
View Article By
Features
Bloomberg: Leveraged Lending Insights – 1/12/2026
US Leveraged Loans Return 5.51% in 2025 The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned 0.61% in December, bringing its year-to-date return to 5.51%. Average secondary market prices on US leveraged loans were 96.93 on December 31st after gaining 18bps from the November 28th figure of 96.65…. Subscribe to Read MoreAlready a member? Log
Middle Market & Private Credit – 1/12/2026
2026 Regulatory Reviews Mark Inflection for Securitisation SRT Market Click here to learn more. The securitisation significant risk transfer (SRT) market is set to reach an inflection point in 2026 as a number of regulatory investigations conclude. These investigations include a global review into SRTs, a US review of large banks’ capital frameworks, the EU…
The Pulse of Private Equity – 1/12/2026
Share of PE middle-market exit value by type Download PitchBook’s Report here. Middle-market companies offer a wide array of exit options, as their smaller size makes them attractive targets for acquiring niche or local markets, enhancing business capabilities, and increasing market share…. Subscribe to Read MoreAlready a member? Log in here...
Leveraged Loan Insight & Analysis – 1/12/2026
US Institutional loan issuance eases in ’25 despite another buildout year for AcqFin US institutional loan issuance reached approximately US$1trn in ’25, down about 20% on the year although still the second busiest for the product…. Subscribe to Read MoreAlready a member? Log in here...
PDI Picks – 1/12/2026
Senior debt fundraising falls from its peak Our data for private credit capital raising by strategy shows investors once again diversifying their commitments rather than concentrating them. At first glance, it appears that last year saw investors significantly re-align their strategic priorities when it comes to private credit. But a closer examination of the PDI…
Middle Market Deal Terms at a Glance
provided by
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.
Our Content Partners
