TheLeadLeft

PDI Picks – 9/15/2025

The differing priorities of LPs and GPs  Investors and fund managers have diverging priority lists according to a survey. The current fundraising environment has given rise to distinct challenges for market players and there is some misalignment between LPs and GPs on which issues are the most pressing…. Subscribe to Read MoreAlready a member? Log

Covenant Trends - 9/15/2025

Share of New-Issue Institutional Loans with a Pick-Your-Poison Provision by Quarter (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com

The Pulse of Private Equity – 9/8/2025

Rolling one-year PE fund returns Download PitchBook’s Report here. A review of desmoothed returns and the desmoothed nowcast over a rolling one-year horizon shows that PE fund returns significantly exceeded fundamental expectations implied by macroeconomic conditions throughout 2021 and 2022…. Subscribe to Read MoreAlready a member? Log in here...

Bloomberg: Leveraged Lending Insights – 9/8/2025

US Leveraged Loan Returns Cool to 0.32% in August Click here to access Bloomberg’s latest Global Leveraged Loan Index Report The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned 0.32% in August, bringing its year-to-date return to 4.00%. Average secondary market prices on US leveraged loans were 96.92 on September 9th after declining slightly from…

KBRA Direct Lending Deals: News & Analysis - 9/8/2025

Defaults: Roughly 40% of restructured HY issuers were in trouble again within 24 months Click here to learn more. Distressed debt exchanges (DDEs), the alternative medicine to bankruptcy when it comes to treating problem credits, have long been criticized as temporary band-aids that lead to another restructuring or Chapter 11 anyway. Investors aren’t wrong…. Subscribe

LevFin Insights: High-Yield Bond Statistics - 9/8/2025

Launched Volume Source: LevFin Insights New-issue Yields Source: LevFin Insights Weekly Fund Flows Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenbergrobert.polenberg@levfininsights.com

Covenant Trends - 9/8/2025

Percentage of Loans with an MFN Sunset  (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com

Middle Market & Private Credit – 9/8/2025

PIK Income Fell Modestly in 2Q25 for BDCs, Dividend Coverage Varies Click here to learn more. Payment-in-kind (PIK) income for Fitch-rated business development companies (BDCs) declined modestly in 2Q25 but remains above pre-2024 levels. This reflects persistent challenges in portfolio credit quality and the impact of structured PIK arrangements amid elevated interest rates. The latest…

PDI Picks – 9/8/2025

Hints of LP support waning for US Up to the mid-point of this year, capital raising by US funds was still going strong – but LPs appeared to be edging towards geographic diversification. Given the ramifications of Liberation Day and a more volatile economic and political backdrop in general, talk has grown louder around whether…