Scrutiny of ‘liquid’ private credit grows Investor redemptions have created some negative headlines around the asset class, with concern focused on fund structuring. Private credit’s evergreen challenges are the fault of poor design or marketing, rather than an inherent issue with the underlying asset class. That was the message for attendees at the Milken Institute…
Leverage Widened QoQ Across the top 5 Sectors Tracked in Q4’25, Except for Business Services; Spreads Tightened for Most Except for the Healthcare Sector Octus’ private credit data shows that software and technology deals saw the highest leverage by sector in Q4’25, while spreads continued to compress…. Subscribe to Read MoreAlready a member? Log in
Software Deferrable Exposure Rising in U.S. Middle Market CLOs Click here to learn more. Technology-software assets in deferrable asset exposure are increasing within U.S. middle market (MM) collateralized loan obligations (CLOs) under Fitch’s surveillance. Selected indentures have also evolved their definitions of “Deferrable Obligation”. These trends drive elevated aggregate deferrable exposure in MM CLOs…. Subscribe
Continuation-fund-related exit count Download PitchBook’s Report here. Exits through continuation funds have become a more common exit solution in recent years as sponsors seek to provide LPs with liquidity during a weak exit environment while also allowing more time to generate additional value within their portfolio companies…. Subscribe to Read MoreAlready a member? Log in here...
BDC AUM climbed to a new high of US$568bn in 4Q25 The year-end 2025 BDC filing season is nearing an end, with most of the largest BDCs having published their results…. Subscribe to Read MoreAlready a member? Log in here...
Fundraising shows signs of weakening It’s only the first quarter, but there are indications that macro events may be taking something of a toll on capital-raising efforts. With just a week to go until the release of Private Debt Investor’s Q1 2026 Fundraising Report, initial figures indicate that fundraising in the first quarter will fall…
Q1 US Leveraged Loan Issuance Poised for Sharp Year-Over-Year Decline US leveraged loan issuance has slowed significantly in the first quarter of 2026. Through March 25, monthly issuance totaled just $22.35b, bringing the year-to-date total to $217.15 billion for Q1. This represents a 37% year-over-year decline, while March issuance is down 61% compared to the…
Average Marks (FMV / Par) on Non-Accrual Drawn Loans Increased for 3 of the Top 5 Sectors in Q3’25 Click here to request access to the full analysis…. Subscribe to Read MoreAlready a member? Log in here...
US Private Credit Defaults Hit New Highs but Losses Remain Contained Click here to learn more. At 9.2%, the default rate within Fitch’s privately monitored ratings (PMR) portfolio exceeded the default rate recorded for Fitch’s broadly syndicated loan (BSL) universe which reached 4.5% for the year. Fitch continues to believe the default rate in the…
PE exit activity Download PitchBook’s Report here. US PE exit activity is now clearly out of the woods, securing not only a second consecutive year of growth in 2025 but also a rebound that ranks second only to the record levels seen in 2021…. Subscribe to Read MoreAlready a member? Log in here...