Performance and regulation are worries for LPs Our latest test of investor opinion finds tougher market conditions impacting the responses. In this column we offer readers of the Lead Left a sneaky peek at some of the findings emerging from the latest version of our LP Perspectives annual survey, which will form part of the…
Loan Funds See Inflows After Consecutive Weeks of Outflows Click here to access Bloomberg’s US Leveraged Finance Chartbook Retail investors have returned to loan funds following two consecutive weeks of net redemptions. The Invesco Senior Loan ETF (BKLN) recorded $73m in inflows during the week of October 21–28, a reversal from the $704m in outflows…
Rapid US Non-Bank Loan Growth Raises Risk of Wider Losses for Banks Click here to learn more. U.S. regional banks’ recent losses tied to non-bank financial institutions (NBFIs) may signal broader risk from this fast-growing loan segment. While these cases may be fraud-related and idiosyncratic, rapid expansion of NBFI exposures increases the chance that concentrated…
Middle-market exit count as a share of total PE exit count Download PitchBook’s Report here. Exit activity in the US middle market continued its steady, albeit slow pace, producing another slight down quarter in Q2 2025…. Subscribe to Read MoreAlready a member? Log in here...
US middle market private debt fundraising increased 63% to US$56.2bn in 3Q25 LSEG LPC tracked US$56.2bn of US middle market debt fundraising in the third quarter, 63% above 2Q25’s US$34.4bn…. Subscribe to Read MoreAlready a member? Log in here...
Allocations on the increase Our latest GI 75 ranking of private credit’s biggest investors shows allocations increasing, with pension funds and insurers dominant. Eight is the magic number. It is, in fact, the average allocation made to private credit by the institutions featured in this year’s version of Private Debt Investor’s Global Investor 75 ranking…
Unitranche spreads tighten for large corporate issuers in 3Q25, while middle market spreads were flat QoQ The most recent quarter continued to be marked by robust competition among direct lenders amid lower than hoped for deal flow, with 73% of direct lenders in LPC’s recent Middle Market Outlook Survey saying they were not able to…
U.S. Private Credit: Sizing Up Defaults Click here to download report. This report examines private credit defaulters by EBITDA size, compares default rates across the two component Model-based Credit Opinion (MCO) and Privately Monitored Ratings (PMR) portfolios, and details default reasons…. Subscribe to Read MoreAlready a member? Log in here...
Carveout/divestiture count as a share of all PE middle-market buyout count by quarter Download PitchBook’s Report here. Carveouts remained a consistent feature of middle-market deal activity in Q2 2025. They accounted for 11.1% of deal value during the quarter, up from 10.9% in Q1 and broadly in line with the five-year annual average of 11.4%…. Subscribe
The rise of retail Private credit is still having much success raising capital from institutions, but it doesn’t stop the retail investor from taking the spotlight. On the face of it, private credit fundraising from institutions is going strong. Our latest data shows such fundraising hit a record high for the first nine months of…