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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 
Identifying likely buyout take-private targets
Download PitchBook’s Report here. Since the inception of the buyout strategy in the 1980s, buyout managers have maintained a core playbook:…
Refinancings continue to dominate institutional loans calendar in 1Q25
Despite steady loan market liquidity and unabated demand for assets, new institutional loan volume – at US$37bn – has been…
Measuring the pain points
Liquidity and exits loomed large in our survey of LP and GP concerns. An exclusive PEI survey of more than…
The Shortest Month
After peaking last fall, leveraged loan returns dropped sharply in February. Source: PitchBook
High Five – 2025 Outlook (Last of a Series)
This week we conclude our series on the private capital outlook for the year ahead with our fifth theme: “A…
Morningstar PitchBook Buyout Replication Index excess performance attribution (annualized)
Download PitchBook’s Report here. A returns-based factor analysis using the Fama-French five-factor model plus momentum reveals that the positive alpha from…
US Private Credit Defaults Rose Sharply in 2024 While Lender Losses Remained Limited
Click here to learn more. Join Fitch Rating upcoming Webinar: The Highs and Lows of Private Credit Defaults and Recoveries…
Monthly Returns Diminish Amid Heightened Uncertainty
The Bloomberg US Leveraged Loan Index (Ticker: LOAN), a measure of the US institutional, broadly syndicated, leveraged loan market, returned…
M&A Deal Activity
Amid the whiplash of “will they or won’t they” come into effect, talk of tariffs have contributed to the slowest…
The serial issuer phenomenon: mastering the art of repricing
An increasingly tight leveraged finance environment prompted borrowers to visit the loans market multiple times in 2024 in order to…
Tried and trusted approach embraced by LPs
Many are expecting a recovery in private credit capital formation in 2025, but it’s the long-established direct lending strategy that’s…
Distribution of MFN Maturity Carveout Horizons
(Past performance is no guarantee of future results.)
Liquids Lag
Return performance of broadly syndicated loans consistently lags private credit. Source: Hamilton Lane, Bloomberg, The Daily Shot.
Private Credit in a Post-Rate World (Third of a Series)
As we’ve noted, the banks and private credit managers occupy different places in the corporate finance ecosystem. That’s not to…
High Five – 2025 Outlook (Sixth of a Series)
In today’s sophisticated market, where capital is concentrated among a smaller number of managers, only the highest quality platforms garner…
Private Credit in a Post-Rate World (Fourth of a Series)
The proponents and beneficiaries of private capital have long recognized its virtue of being less correlated with headline risk than…