All Insights

Direct lending loss rates compare favorably to much of the leveraged finance market, as this week’s chart shows.

Private credit investors’ realized losses have been about half that of unrealized markdowns during the past three periods of market stress.

We explore why public markets are a poor mirror for the strong middle market, and how investors can use alternatives to gain access.

Lenders requiring more equity and less leverage, suggesting healthy private credit lending standards.

Private credit has grown in both size and breadth, prompting questions around the risks of the asset class and whether it could represent a bubble. We address those concerns in this note.

Traditional diversifiers are offering little to no reliable downside protection. Low-correlated alternative investments may provide a solution.

Why the U.S. middle market continues to offer private equity investors a more attractive opportunity set versus the large and mega cap market

Middle market private equity sponsors have historically provided outsized value compared to their large cap peers.

This week’s chart looks at return drivers for middle market buyout transactions, which have generated higher realized capital multiples than large cap and may favor middle market managers looking forward.

Amid private debt’s massive growth, this week’s chart looks at the healthy yield premium of private credit transactions compared to public markets.

This week’s chart looks at private equity secondaries’ outperformance versus the broader PE market, focusing on what has driven the outperformance.

This week’s chart looks at a shifting opportunity set as the private middle market shines while small cap company earnings remain challenged.