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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.
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September 10, 2026 
Mega-funds lead PE fund returns
Download PitchBook’s Report here. Global PE funds posted a quarterly record in the first quarter, returning 17.6%, according to PitchBook’s latest…
Equity multiples average an all-time high 7.1x on middle market LBO deals this year
US middle market LBO purchase price multiples have continued to move higher this year. Through the first nine months of…
Hiking Trails
The Fed has signaled rate hikes could begin in 2023, but markets are forecasting sooner.
New ways of accessing private debt for hungry LPs
Permanent capital is the holy grail for fund managers looking to expand their fundraising potential even further. In the previous…
Distribution of Synergies & Cost Savings EBITDA Addback Time Horizons (for Actions Resulting in Addbacks)
(Past performance is no guarantee of future results.) Contact: Steven Miller
Private Debt Intelligence - 11/8/2021
Private debt sees leap in impact funds [wpdm_package id=’49988′] Private debt has seen a rise in the number of impact…
Loan Stats at a Glance - 11/8/2021
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
BDC visible loans benchmark shifts higher in 2021
BDC earnings season is underway with 22 funds having released their 3Q21 reports so far through November 3. This cohort…
SuperReturn Private Credit US
We reported (in person!) this week from the SuperReturn Private Credit conference in Chicago, an event that always attracts top-shelf…
Lower rated borrowers send high yield bond pricing higher in October
Source: Debtwire Par High yield bond issuance slowed in October, falling to its lowest level this year at just USD…
Add-ons now 73% of all buyouts
Download PitchBook’s Report here. It’s getting repetitive, but the buy-and-build strategy is becoming the dominant approach for private equity. According to…
A Market in Full (Fourth of a Series)
Having moderated three private credit panels in the past ten days, a recurring theme is the record level of deal…
Home in the Range
Despite reports of aggressive leverage, one source suggests a more measured middle market.
A Market in Full (Last of a Series)
Our friends at William Blair ended their 3Q survey [link] with a summary of issues most expected to impact leveraged…