Private Equity Now: The LP Perspective
In recent years, private equity secondaries have bloomed from a cottage industry, extending back to the 1980’s, to an essential part of the private equity ecosystem. For much of the market’s existence, secondary transactions carried an unsavory stigma. Sellers were seen as distressed, and the resulting sale signaled the end of the GP/LP relationship. Neither LPs nor GPs were particularly receptive or supportive of the technology. Over the years, however, the asset class has proliferated in volume and sophistication. Institutional investors turned to the secondaries market not for distress, but with an eye towards portfolio optimization. It is a strategic tool for both GPs and LPs to actively manage their portfolios and liquidity…
▶︎ Read Nov 11th, 2024 Newsletter: here
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Q2'26 BDC analysis shows additional 184 bps of nonaccruals at cost
In a universe of 173 business development companies, or BDCs, Octus identified a total of $9.5 billion of debt (at cost) in nonaccrual status reported in the second quarter of 2026, a slight decline of 5% from $10 billion in the first quarter of 2026.
Reading the Board
The story changes depending on which numbers you’re counting.
Private Credit Defaults 101: Different Numbers, Different Stories
In Season 2 of Billions, Bobby Axelrod takes his lawyer Orrin Bach to an empty Yonkers racetrack in the dead of night.