Content hub
Explore private capital market trends, in-depth research from leading industry partners, expert interviews, live webinars, and educational videos — all in one place.
Featured Article
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.
|
August 12, 2026 
Covenant Trends - 10/17/2016
Average First Lien Headroom under Debt Incurrence Test Based on Initial PF Leverage, YTD Contact: Steven Miller smiller@covenantreview.com
Loan Stats at a Glance - 10/17/2016
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Private Debt Intelligence - 10/17/2016
Private Debt: Funds in Market
Preqin’s quarterly update on the private debt industry finds that as of the beginning of Q4 2016, there are 304 funds in market targeting an aggregate $147bn globally. With few funds closing through the year to date, the marketplace has grown considerably since mid-year; there are 50 more vehicles on the road seeking an extra $6bn of investor commitments compared to the start of Q3.
Direct lending, once again, represents the largest proportion of private debt funds on the road, both by number (38%) and aggregate capital targeted (39%)…
The Pulse of Private Equity - 10/17/2016
Debt Usage in US M&A Remains Historically Low
Even as multiples remain stubbornly high across multiple sectors, debt usage remains low. This is primarily the result of a confluence of factors, including stricter regulations, cash-rich buyers and a general trend toward buying and building as a strategy on the part of private equity investors. In that last case, PE firms aren’t relying as much on financial engineering as they used to, looking instead to deploying more equity in deals to avoid overburdening portfolio companies with barely serviceable debt loads. Of course, that necessitates shrewd operational enhancements…
Lead Left Interview - Steven Miller (Part 2)
This week we continue our conversation with Steven Miller, CEO, Fulcrum Financial Data. Fulcrum publishes Covenant Review, CapitalStructure and PacerMonitor…
Markit Recap – 10/10/2016
The CDS market in September is typically dominated by one event: the semi-annual roll. The outperformance of single names observed…
Leveraged Loan Insight & Analysis -10/10/2016
3Q16 Loan volume down nearly 40% q-o-q, 1-3Q16 totals down 11% y-o-y Issuance in the US loan market got off to…
State of the Capital Markets – Third Quarter 2016 Review and Fourth Quarter 2016 Outlook
Review of Current Market Conditions/ Analysis of Capital Markets Metrics Including Covenants, Pricing, and Leverage/ Review of Credit Quality/ Outlook for Fourth Quarter 2016
Lead Left Interview - Steven Miller
This week we chat with Steven Miller, CEO, Fulcrum Financial Data. Fulcrum publishes Covenant Review, CapitalStructure and PacerMonitor and has…
Home in the Range
Spreads for middle market sponsored loans have generally remained range-bound around L+500 for the past four years.
Average EBITDA Adjustment Cap for Synergies/Cost Savings
Contact: Steven Miller smiller@covenantreview.com
Why Sponsors Matter (Last of a Series)
So far in this special series we’ve examined the implications of lending to companies owned by private equity sponsors – and those that aren’t. But there’s a third category of owners that don’t get much attention, and growing in importance.
So-called “fundless” sponsors – also called independent, or non-traditional sponsors – act as a hybrid of three parties. They combine the deal sourcing of investment bankers with the targeted allocation of capital by limited partners, and the expertise of GPs who perform a multitude of functions…