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Business of Private Credit: Coming Home
Much attention has been paid to the suitability of Matt Damon in the lead role as the wily Odysseus in this summer’s Christopher Nolan blockbuster.
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August 12, 2026 
Middle Market Deal Terms at a Glance - Jan 2017
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com
State of the Capital Markets – Fourth Quarter 2016 Review and First Quarter 2017 Outlook
Review of Current Market Conditions/ Analysis of Capital Markets Metrics Including Covenants, Pricing, and Leverage/ Review of Credit Quality/ Outlook for First Quarter 2017
Lead Left Interview - David Petrucco, Ed Cerny, and Mark Gudis
This week we chat with David Petrucco, Ed Cerny, and Mark Gudis – founding partners of Backcast Partners Management. Backcast…
The Pulse of Private Equity - 1/9/2017
First-time US PE funds make slight comeback in 2016, but still a low portion of total fundraising
First-time private equity funds in the US amassed just shy of $7.5 billion in 2016, across 26 pools of capital. Although both figures were distinct increases from 2015 – which logged 17 first-time PE funds and $4.6 billion raised – as a proportion of total US PE fundraising, first-time fundraising activity still remains at a considerable low relative to earlier in the past decade…
Bumping Up
Reported loan activity for sponsor-related syndications rose modestly last year over 2015; private “club” volume expected to be higher.
Private Debt Intelligence - 1/9/2017
Private Debt: 2016 Fundraising Update
In 2016, the private debt industry saw a cool-off in fundraising following the banner year in 2015 when almost $100bn was raised. The year was also characterised by a concentration of capital among the larger, more experienced managers while the fundraising marketplace grew increasingly congested as investor appetite for private debt increases.
Overall, 119 funds closed globally raising a combined $74bn, with Preqin expecting these figures to rise by up to a further 10% as more information becomes available…
Loan Stats at a Glance - 1/9/2017
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Markit Recap – 1/2/2017
John Maynard Keynes said we live in a world of irreducible uncertainty, while neoclassical economists state that perfect information is available and people make rational expectations. The events of the last decade suggest that the former school of thought has more credence, though “freshwater” economists would no doubt disagree.
Uncertainty of the political variety looks set to be the overriding theme for 2017, regardless of whether one thinks the market is driven by rational agents or not. A new US president promising radical policy changes; elections in France, Germany and the Netherlands…
Special Report: Why Sponsors Matter
Beginning in September 2016 The Lead Left published a series of articles on sponsors. This report consolidates those articles.
A Year in Review (First of a Series)
The notion that the middle market has reached a level of maturity was supported by a plethora of evidence this…
Leveraged Loan Insight & Analysis -1/2/2017
Just shy of US$2tr 2016 US syndicated loan volume is flat year over year
US arrangers pushed almost US$2 Tr through retail syndication in 2016, levels on par with 2015 totals but down modestly compared to the US$2.1tr raised in 2014. The year got off to a slow start as the market volatility that was observed in the oil and gas and commodities sectors in late 2015 carried over to the first quarter of 2016, dampening lender appetite and limiting the pipeline of deals…
Covenant Trends - 1/2/2017
Average Free-and-Clear Tranche as a Multiple of PF EBITDA
Lead Left Interview - Andrew Brady (Part 2)
This week we continue our conversation with Andrew Brady, Managing Director and Leveraged Loan Portfolio Manager of Marathon Asset Management,…
A Year in Review (Second of a Series)
Along with the sense that mid-cap lenders can now more than hold their own against the largest investment banks in…