Posts by PitchBook
Private debt cashflows ($B)
Looking at the wider private markets funds landscape, private debt can be seen as a bright spot—for now—among individual strategies.
Read MoreUS private debt rolling one-year horizon IRR by type
Overall, private debt returns for most asset classes in 2025 are showing a decline compared with 2024 levels. Interest rate cuts are part of this story, but the drivers vary by asset class, with the most common explanation being spread compression due to crowded debt strategies, such as direct lending.
Read MoreSpread (basis points) of PE-backed deals and LBOs in the direct lending market in 2026
In the US, buyout activity remained paltry, as deal count for direct lending LBO financings fell to its lowest level since Q3 2023 in the three months ended July 31, according to the latest US LCD Private Credit Monitor.
Read MoreShare of US private debt capital raised by strategy
At 43.6% of all capital raised in the US through the first half of 2026, direct lending remains the largest category of the asset class…
Read MoreUS private debt AUM ($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.
Read MoreDensity of TVPI at 10 years after inception by fund size
Marquee managers seem to be victims of their own success. Strong performance brings in more capital, and the desire to grow AUM and please public shareholders inevitably leads to returns clustered around the market average.
Read MorePE dry powder
The capital that is being raised is flowing overwhelmingly to the largest, most established managers.
Read MorePE fund distribution rates
Following 2021, buyout distribution rates have fallen to roughly 10% to 15% below the 25-year average.
Read MorePE exit activity
Exit value fell to $102.6 billion in the second quarter—down 46.3% from the prior quarter and 7.4% YoY—while exit count dropped to 353, a 14.1% quarterly decline and a 5.4% rise against Q2 2025.
Read MoreMultiples on PE buyouts
Median net debt/EBITDA across the market stood at 4.7x in 2025, and although it bottomed near 4x in 2023 before recovering, it remains below the 5.2x reached in 2021…
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