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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.”
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October 6, 2026 
Seven Year Switch
Private wealth investors expected to triple allocation to alternatives by 2032. Source: Bain & Company, GlobalData, Preqin, iCapital
Private Credit in a Post-Rate World (Second of a Series)
One of the frequent observations of private credit, usually couched as a complaint, is how many competitors are crowding into…
After Record January US Leveraged Loan Issuance Tapers Off in Q1
Following a record January that saw more US institutional leveraged loans price than any year since Bloomberg began tracking the…
Private debt institutional, retail, and insurance AUM ($B)
Download PitchBook’s Report here. Perpetual vehicles for the private wealth investor, also known as semiliquid funds, raised $122 billion in 2024.
U.S. BSL & MM CLO Spotlight – February 2025
Click here to download report. At the end of February 2025, 20 CLOs had exposure to at least one defaulted…
BDC AUM growth shows no signs of slowing, climbing to US$438bn
BDC market growth shows no signs of slowing, with assets under management (AUM) soaring to a record US$438bn in 4Q24.
Percentage of Loans with F&C Tranche Growers
(Past performance is no guarantee of future results.)
Reverse Gear
After seven straight weeks of cash in-flows, high-yield funds showed out-flows. Source: Morningstar/PitchBook
Private Credit in a Post-Rate World (Last of a Series)
The notion of a post-rate world is arguable, as anyone in the capital markets over the past two decades would…
Tim Bray on key macro surprises and expectations
A conversation with Tim Bray, Managing Director of Alternative Investments and Senior Portfolio Manager at GuideStone Financial Resources
Private Credit in a Post-Rate World (First of a Series)
When you’re successful, everyone wants a piece of you. That’s the challenge private credit faces today. It’s grown from a…
Middle Market Deal Terms at a Glance - March 2025
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
US Leveraged Loan Primary Market Slowdown Continues
After a record start, US leveraged loan launches last week fell to their lowest level this year at just $10.56b.…
Percentage of Deals with 75+ bps MFN
(Past performance is no guarantee of future results.)
Lender-Sponsor Dynamics Mark Default Outcomes for Private Credit
Click here to learn more. Join Fitch Rating upcoming Webinar: The Highs and Lows of Private Credit Defaults and Recoveries…
Letter from the Persian Gulf
It had been a while since our last MENA visit, so on a recent trip there with our teams, clients…