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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 
High Five – 2025 Outlook (Fourth of a Series)
Asset managers with deep-rooted PE relationships forged via a range of touchpoints beyond private debt, including through fund commitments and…
Real estate’s dip and fightback
The property sector suffered well-publicised difficulties in the wake of covid but investor interest is returning. The real estate debt…
US Leveraged Loan Launches Taper from January Highs
Leveraged loan launches have slowed from the record-breaking pace set in January when approximately $204.8b was brought to market for…
US PE EV/EBITDA multiples
Download PitchBook’s Report here. Going forward, as deal volumes expand—especially among PE owners selling to other PE firms—a recent uptrend in…
Private Debt Intelligence - 2/17/2025
Private exit volumes level out [wpdm_package id=’73437′] Read more in Preqin’s ‘Deal Flow Monitor: Outlook 2025’. Higher interest rates have…
Middle Market Deal Terms at a Glance - February 2025
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
US Banks’ Private Credit Exposure Grows but Risks Remain Limited
Click here to learn more. U.S. Banks’ Direct Exposure to Private Credit Growing; Poses Limited Risks for Now Join Fitch…
Percentage of First-Lien Loans Clearing with Key Covenant Terms by Quarter
(Past performance is no guarantee of future results.)
Weighed by repricings, term loan B spreads begin to diverge between single-Bs and double-Bs, although relative value holds steady
After new-issue clearing yields tightened for three consecutive months, averaging 7.3% in January and marking another fresh monthly low since…
Still Growing
The strength of the US economy since Covid is expected to continue this year. Source: iCapital, Bloomberg.
High Five – 2025 Outlook (Third of a Series)
The hope is for enough positive GDP momentum to keep adding new jobs and improving productivity. December’s labor report showed…
Private Credit Risk Not Systemic, Yet Structures, Asset Classes Evolving
Click here to learn more. Private credit, in isolation, is not currently a systemic risk given numerous mitigants, particularly within…
EBITDA Add-Back Time Horizons for Synergies & Cost Savings
(Past performance is no guarantee of future results.)
PE-backed company inventory by deal year
Download PitchBook’s Report here. 2024 has ended with a record-low exit/ investment ratio of 0.36x, as dealmaking activity once again races…
2025 syndicated middle market loan volume is expected to be in the US$150bn area
Forecasts for 2025 syndicated middle market loan volume generally average around US$150bn, broadly similar to the 2024 total, according to…
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…