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
Private Credit Defaults 101: Beyond the Noise
Like any good school year, this series went by fast. But as class comes to an end, there’s one theme that’s been top of mind here at The Lead: “noise.”
|
October 6, 2026 
Letter from Kuala Lumpur (First of Two Parts)
Last month our travels took us to Malaysia’s capital, Kuala Lumpur, a city of about 2 million. There we met…
Fitch’s Privately Monitored Middle Market Portfolio Overview, 1Q25
Click here to learn more. In the charts above, Fitch presents aggregate data for issuers in its privately monitored rating…
Proportion of US loans trading north of par edges up modestly following headline volatility
In the wake of headline making talk of tariffs – and implicitly fears of a trade war – in April…
There’s a New Tariff in Town (Second of Two Parts)
One criticism of private credit goes something like this: “Sure, private credit has a pretty good track record. But that’s…
Poised for a Rebound?
Since the early 1800’s, tariff’s share of US government revenues has shrunk dramatically. Source: The Cato Institute
Average Total Deleveraging Required To Meet RP Ratio Test
(Past performance is no guarantee of future results.)
Global private debt dry powder ($B)
Download PitchBook’s Report here. Halfway through 2024, private debt dry powder sat at $566.8 billion—a new high—and is on track for…
Letter from Down Under (Second of Two Parts)
As the Australian market has matured, it has geared a variety of private credit products to different investor types. These…
US Leveraged Loans Post Consecutive Monthly Losses
Click here to access Bloomberg’s US Leveraged Loan Index Report The Bloomberg US Leveraged Loan Index (Ticker: LOAN), a measure…
Slower Growth and Competitive Underwriting to Pressure Asset Quality for U.S. BDCs
Click here to learn more. U.S. business development companies (BDCs) are facing mounting pressure in 2025 as escalating trade tensions…
Private credit offers issuers some certainty during uncertain times, although comes with a cost
No matter which market borrowers opted to tap, financing conditions seemed more than accommodating as we approached the second quarter.
Private debt institutional, retail, and insurance AUM ($B)
Download PitchBook’s Report here. Since 2019, PitchBook has tracked 207 private market fund launches across these three vehicle types, all targeting…
Percentage of Loans with Asset Sale Sweep Step-downs
(Past performance is no guarantee of future results.)
Defaults stay subdued for now
The latest Proskauer study suggests loans are demonstrating impressive resilience but there should be no room for complacency. Defaults may…
What is a Tariff, Anyway?
Google searches for “tariff” hit a peak around Liberation Day but have trailed off since. Source: Google Trends
Letter from Tokyo (First of a Series)
We began our visit to Tokyo this week attending S&P’s Structured Finance Seminar 2025. Along with almost 200 Japanese bankers…