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The Lead: The Price of Admission
Next time you are in Barcelona, stop at the Dow Jones Bar. There, drink prices move all night, as you watch the ticker tape like a crowded trading floor. Great for a night out.
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October 13, 2026 
AI meets private markets - Optimizing the investor experience and decision-making
A conversation with Ryan Eisenman, Co-founder and CEO of Arch.
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Investor education is becoming critical as quarterly redemption limits are being tested. Source: Data is derived from publicly available information,…
Direct lending ends 4Q25 with its strongest quarter in three years
[wpdm_package id=’76143′] Direct lending volumes surged 24% quarter-on-quarter (QoQ) to USD 119.5bn in 4Q25, compared with USD 96.2bn in 3Q25.…
US software credit vulnerable to EBITDA stress; MM CLOs resilient
Technology software issuers in Fitch’s model-based credit opinion (MCO) portfolio were more vulnerable to credit deterioration under a severe earnings stress than issuers in the portfolio excluding the technology software sector.
PE take-private deal activity
PE take-private activity was robust in Q1 2026, as value rose to $64.3 billion, up 13.0% QoQ and 53.3% YoY, even as deal count fell to 13 from 14 last quarter.
Loan Funds See Inflows Following Steady Stream of Redemptions
Retail investors have returned to loan funds following two months of net redemptions.
Secondaries on the rise – but views of it differ
Alignment is something not everyone can agree on, but there’s little doubt this is a market with strong momentum. Secondaries…
BDC Holders by Portfolio Company
Octus analyzed 27 stressed securities across 23 borrowers and found that fair value pricing varied by as much as 40…
US Leveraged Loan Launches Remain Muted Amid Wider Uncertainty
The US leveraged loan market has struggled to regain momentum following a sharp slowdown in issuance in February, as market volatility continues to weigh on activity.
No sign of panic from institutions
The likes of pensions and insurers are, if anything, accelerating their commitments to private credit – despite the retail redemption…
US Software Credit Faces EBITDA Stress; MM CLOs Remain Resilient
U.S. technology software sector issuers in Fitch Ratings’ model-based, point-in-time credit opinion (MCO) portfolio are more vulnerable to credit deterioration under a severe earnings stress scenario compared with the portfolio excluding the technology software sector.
HALO versus software as a share of PE deal value ($B)
The hottest debate in public markets right now is not whether AI will disrupt software but how much, how fast, and who is left standing.
Unitranche deal flow falls sharply in 1Q26
Amid fears around the potential impact of AI disintermediation on software and other sectors plus a challenging geopolitical backdrop, unitranche…
The OG of Private Credit: The Liquidity Mirage
The word “private” in private credit signifies not just “non-public,” but “non-traded.”