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Private Markets

Private Credit's Rebound

Direct lending fundraising is up and deal terms are improving

Dealmaking is K-Shaped

Large Cap Deals Are Getting Done. Others Aren’t.

Credit is Opaque

There's more stress in credit than it seems

EBITDA Keeps Inflating

Aggressive EBITDA addbacks are quietly understating leverage and risk.

Private Credit Has Come Back Down to Earth

Private credit rode a wave of high rates and wide spreads. That wave has broken.

Primer: PE Secondaries