Private Credit Is Struggling to Deploy

Private credit is grappling with lower deal volume and rising competition.

The Lower Middle Market is Heating Up

The lower middle market has been resilient amid a broader PE slowdown.

Private Equity’s Bottleneck

The private equity industry remains constrained by weak exit activity.

Financing the AI Buildout

The AI race is driving record borrowing, private lending and a rush into infrastructure.

Dealmaking Is Top-Heavy

A handful of megadeals are driving M&A activity, while the broader market and private equity remain sluggish.

Private Credit's Warning Signs

BDC filings and other public data show that private credit is increasingly under stress.

Debt Recoveries Are Falling

Secured lenders are facing steeper losses as debt structures and protections weaken.

Software’s Valuation Reckoning

AI is crushing software valuation multiples and putting more pressure on private equity

PE Wants Your Sports Team

Professional sports are turning into an institutional asset class as private equity investment accelerates.

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

Private Equity is K-Shaped

Private equity capital is consolidating at the top of the market, and the divide is growing.

Primer: Financial Restructuring

Follow the Liquidity

Capital is moving as pressure on private equity grows

Private Equity's Annuity Playbook

US insurers are holding more illiquid, opaque investments

Restructuring Primer: Liability Management Exercises (LMEs)

Distressed Debt is Disappearing

Private credit and LMEs are rewriting the distressed playbook

LBOs Are Out. Infrastructure Is In.

Infrastructure fundraising hit a record $200B in 2025. Here's why PE can't stop investing

Report: Private Credit's Stress Cycle

Private Credit Isn't a Ponzi Scheme

Big Tech is Levering Up

AI-related issuance has become the largest segment of the investment grade market