M&A Trends – Year in Review
There’s no better lens through which to examine the effects of the current economic environment than US middle market M&A activity. A wide range of indicators – volume, valuations, financing and sector rotation – were flashing in the wake of rate hikes, volatility, and economic headwinds…
▶︎ Read Jan 23 2023 newsletter: here
▶︎ Chart of the Week: here (by Nuveen, Bloomberg)
(Any “forward-looking” information may include, among other things, projections, forecasts, estimates of market returns, and proposed or expected portfolio composition Past performance is no guarantee of future results. Investing involves risk; principal loss is possible.)
Latest news
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.
