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Covenant Trends - 6/2/2025

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Percentage of Loans that Allow Uncapped Synergies & Cost Savings EBITDA Adjustments, Sponsored v Non-Sponsored (LTM) (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com

The Pulse of Private Equity – 6/2/2025

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Share of private debt capital raised by type Download PitchBook’s Report here. In Q1 2025, the distressed debt substrategy secured $21.4 billion in commitments, largely thanks to the $16 billion fund raised by Oaktree Capital Management, putting distressed debt in line to easily surpass its five-year annual average of $28.5 billion…. Subscribe to Read MoreAlready a member? Log in here...

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Middle Market & Private Credit – 6/2/2025

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Private Credit’s Growing Complexity Untested Through Market Cycles Click here to download report. Private credit (PC) markets remain resilient, despite recent challenges stemming from tariff-driven market volatility, slowing economic growth and a higher policy rate trajectory than initially anticipated at the beginning of the year…. Subscribe to Read MoreAlready a member? Log in here...

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PDI Picks – 6/2/2025

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The growing importance of geopolitics Given the high-profile and disturbing nature of tensions between certain countries, geopolitics weighs heavily on investors’ minds today. While the Ukraine-Russia war continues to rage, private markets investors are just as worried – in fact slightly more so – about simmering tensions between the US and China…. Subscribe to Read

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Letter from Tokyo (Last of a Series)

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“Rice supplies in Japan still low, with prices almost doubled since a year ago.” – Headline, Asia News Network.  Always attuned to market conditions on the ground, we heard from friends in Tokyo last week that, incredibly, grocery stores were out of rice. The impact of hot, wet weather and dealers hoarding product has sent…

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There’s a New Tariff in Town (First of Two Parts)

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This week we look at questions from clients and friends surrounding the issue of tariffs. Not surprisingly, as we’ve discovered in our recent travels, interest in the topic has accelerated (see our Chart of the Week). The origin of the word is obscure. By one account, it derives from the Arabic “ta‘rif,” meaning “notification” or […]