Dry powder presents a deployment challenge Hopes of a significant M&A upturn will need to be realised to address a growing capital supply and demand imbalance in private credit. While other alternative asset classes have had their fundraising struggles, those raising capital for private credit have almost never had it better. Our full-year fundraising figures…
When private equity makes the news, its typically large buyout firms. They buy mega companies, so unsurprisingly make for better headline material. But bigger funds are just the tip of the iceberg. Below the surface is a scaled and matured middle market. Purchasing dynamics favor the middle market (MM). Large US buyout funds (defined as…
The middle market punches above its weight. Source: State Street Private Equity Index as of 9/30/2025
Yield compression progresses in January, drags new-issue loan yields to their lowest in four years Although institutional loan issuance more than doubled from December to January, topping US$141bn, the majority of the business comprised best-efforts transactions executed in drive-by fashion…. Subscribe to Read MoreAlready a member? Log in here...
KBRA DLD Default Indices(TTM 2/10/26) (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
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
Distribution of MFN Maturity Carveout Horizons (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
M&A Snapshot by Total Debt Quantum Click here to access to the full report. Click here to read the full 2026 outlook. While the much-anticipated surge in M&A activity still has yet to materialize, the latter part of 2025 provided some encouraging signs for a 2026 rebound…. Subscribe to Read MoreAlready a member? Log in
U.S. Private Credit and Middle Market Performance Monitor: 4Q25 Click here to learn more. Fitch’s Privately Monitored Ratings (PMR) Portfolio – 4Q25 In the charts above, Fitch presents aggregate data for issuers in its PMR portfolio. Fitch privately rates these issuers on behalf of asset managers…. Subscribe to Read MoreAlready a member? Log in here...
Platform LBO and growth equity deals as share of all PE deals Download PitchBook’s Report here. Growth equity continues to represent a substantial share of PE deals. The strategy made up 21.2% of all PE deals in 2025, rivaling buyout activity, which accounted for 21.3% of the year’s deal count…. Subscribe to Read MoreAlready a member?