All Insights

97% of lower middle market and 77% of core middle market loans include maintenance covenants, compared with just 38% of jumbo private credit loans and 10% in the syndicated loan market.

After a prolonged period of outperformance versus equity strategies, private senior CRE debt is entering the next phase of the cycle from a position of strength.

Private credit isn’t in crisis. But this moment offers an opportunity for investors to rethink where opportunities lie.

Since the end of 2019, growth in private sector debt has lagged well behind GDP growth, undermining the case for a credit bubble.

Head of Credit Solutions Rob Hoffman joins for an in-depth look at the current state of private credit.

In this conversation, Andrew Beckman, Head of Global Credit at Future Standard, shares how his experience has shaped a specialized approach targeting return premiums in less competitive segments of private credit.

Since 2021, software has averaged 38% of jumbo ($1B+) private credit issuance vs. 18% for the broader direct lending market.

From the macroeconomy and interest rates to equities, credit, and private markets, the report highlights the data and trends investors should be watching.

We examine the defining trends shaping private markets in our latest podcast episode.

As mega buyout funds face higher entry valuations, tougher competition, and fewer value creation drivers, alpha is increasingly found in smaller corners of the market.

The early phase of the AI cycle has been characterized by a highly concentrated distribution of returns. Value has accrued primarily to incumbent technology platforms investing hundreds of billions of dollars to control the AI infrastructure layer, as well as to downstream “picks and shovels” providers tied to that capital spending.

Strong U.S. middle market fundamentals may help the segment capture AI-driven tailwinds while offering relative insulation from tariff-related volatility.