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Chart of the Week: Down Decade

Malaysia’s investment growth lags other ASEAN countries but shows signs of recovery. Source: Department of Statistics, Malaysia. Haver and respective national authorities

Letter from Kuala Lumpur (Second of Two Parts)

APAC countries each have their own path to investing in alternatives and private capital. Most key Malaysian institutions began with private equity, venture capital, and real estate. Favored PE sectors include data centers, which in 2023 represented an astounding 90% of all privately funded deals in that arena.* Others were in the consumer, industrial, and…

Letter from the Persian Gulf

It had been a while since our last MENA visit, so on a recent trip there with our teams, clients and friends, the difference in levels of activity and interest around private credit was palpable. Most large sophisticated institutional investors in the Gulf, including sovereign wealth and pension funds, now have a dedicated allocation to […]

Debtwire Middle-Market – 4/21/2025

High-yield bond default wave swells as distressed debt exchanges stack up The trailing 12-month (TTM) US high-yield (HY) bond default rate has spiked in recent months following a steady decline through most of 2024. According to Fitch Ratings, the TTM HY bond default rate reached 2.5% in February, up from a low of 1.6% in…

Covenant Trends - 4/21/2025

Accordion Inside Maturity (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com

Middle Market & Private Credit – 4/21/2025

Fitch Ratings Completes Peer Review of 12 US BDCs Click here to learn more. Fitch Ratings has completed a peer review of U.S. business development companies (BDCs). We have affirmed the Long-Term Issuer Default Ratings (IDRs) on 11 issuers and completed one Review – No Action. The Rating Outlooks for Ares Capital Corporation and Sixth…