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Private Credit Defaults 101: Back to School
As Labor Day approaches, the unofficial end of summer is upon us. But, before we get too sad, there is also the familiar back-to-school energy.
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September 2, 2026 
US sponsored middle market direct lending volume increased in 2Q23
Activity picked up in the US middle market direct lending space in 2Q23 but remained at lower levels. At US$16.3bn,…
Average EBITDA Adjustment Cap for Synergies & Cost Savings
(Past performance is no guarantee of future results.) Contact: Steven Miller
Private Debt Intelligence - 7/17/2023
Emerging market private debt dealmaking remains steady [wpdm_package id=’65460′] As emerging markets continue to develop their private debt markets, they…
Yield of Dreams
Consistent with senior debt trends, junior debt yields are up, leverage down.
Default Outlook for Middle Market
Fitch recorded eight defaults in our Private Monitored Rating (PMR) portfolio in 2022, down from the pandemic-affected years of 2020…
KBRA DLD Default Index: 2023 forecast is 2.5% for sponsored deals
Table 1 Chart 1 KBRA DLD’s 2023 default forecast is 2.5% for sponsor-backed direct lending loans, equating to roughly 30…
Are the storm clouds receding?
Private debt may be in the process of demonstrating its resilience in the face of the latest challenges. One thing…
Loan Stats at a Glance - 7/17/2023
Contact: Marina Lukatskymarina.lukatsky@pitchbook.com
A Loan for All Seasons (Last of a Series)
Both veterans and newcomers to the asset class are familiar with the basics of private debt benefits. Thanks to its…
Rating Trend for Middle Market Issuers
Following a modestly positive 2021 in which upgrades in Fitch’s Private Monitored Rating portfolio outpaced downgrades at a rate of…
A welcome bump in exits
Download PitchBook’s Report here. Exit activity rose in Q2 and stopped a four-quarter slide, according to PitchBook’s just-released US PE Breakdown.…
The Case for Junior Capital (Part One)
It’s been a while since we felt the need to reiterate the case for junior capital. Back in December 2015…
The Case for Junior Capital (Part Two)
We continue our discussion this week on why private mezzanine is going from strength to strength amid current economic and…