After a slow start to the year, leveraged issuers are increasingly tapping lenders for new and/or incremental loan capacity. In 3Q24 to date, 27% of total leveraged loan volume came in the form of new assets, up from 21% and 22% during each of the first two quarters respectively. Of this, over US$10bn represents completed 3Q24 LBO loan volume (an additional US$16bn is in process). Lenders expect the launch of a US$2.05bn financing backing KKR’s purchase of Infrastructure to come to market before year end. More immediate is the scheduled launch of US$1.55bn in loans to support KKR’s acquisition of Janney Montgomery Scott, a wealth management firm, this week.
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Top 50 BDCs Accounted for 75% of Nonaccrual Loan Cost in Q2’26
The 50 largest BDCs, on the basis of total debt investments as of the second quarter of 2026, accounted for 75% of the total aggregate reported value of nonaccrual debt at cost and fair value.
US private debt AUM ($B) by channel
In 2025 and the early part of 2026, the retail channel added AUM to the asset class at a much faster rate than institutional investors in both regions, with growth rates of 43.7% globally, 41.4% in the US, and 73. 1% in Europe through the beginning of 2026 compared with year-end 2024 figures.
