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1 week ago | 
pitchbook.com | Sami Vukelj
A number of lower middle market borrowers have Covid-relief loans maturing this year.
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1 week ago | 
pitchbook.com | Sami Vukelj
As banks compete with private credit lenders for share of the corporate loan market, private credit is positioned to take a greater share in other lending categories, according to McKinsey & Company’s Global Private Markets Report 2025. The consulting group highlighted four asset classes where private credit lenders could win increased market share: asset-backed finance, infrastructure and project finance, certain residential mortgages, and higher-risk commercial real estate.
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1 week ago | 
pitchbook.com | Sami Vukelj
Direct lending spreads in the core and lower middle market have widened since April’s tariff news, but not as much as lenders would have anticipated, according to Tom Newberry, chief credit officer and executive chairman of direct lending at Sound Point Capital. “I would have expected more spread widening since April 2 than we’re generally seeing,” Newberry said.
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3 weeks ago | 
pitchbook.com | Abby Latour |Zack Miller |Sami Vukelj
Spreads on loans to larger companies appear to have barely budged since US President Donald Trump unveiled a reciprocal tariff strategy on April 2.
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1 month ago | 
pitchbook.com | Sami Vukelj |Zack Miller
Higher economic uncertainty due to tariff policies led Blackstone Secured Lending (Nasdaq: BXSL) to pass on more deals in the first quarter and focus on lending to larger borrowers in the upper middle market, despite recent spread widening on loans to smaller borrowers, according to the BDC’s May 7 earnings call.
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1 month ago | 
pitchbook.com | Sami Vukelj
Demand for asset-based loans has increased as market activity slows and higher costs hurt cash flows, according to SLR Capital Partners. At the same time, the growing popularity of the defensive and counter-cyclical private credit strategy also reflects heightened preparation for a broader economic downturn, which is the type of environment where the uncorrelated liquidation value of assets other than cash flow is more appealing. “ABL is really a canary in the coal mine.
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1 month ago | 
pitchbook.com | Sami Vukelj |Zack Miller
Private credit has continued to offer financing availability in recent weeks despite broader uncertainty and public market volatility, helping deals continue to close, Blackstone said. “In the past, when you’d have volatility in public markets, high-yield spreads and leveraged loans would gap out. And that’s exactly what’s happened,” said Blackstone President and COO Jon Gray on an April 17 earnings call. In such an environment, the cost of capital rises and loan availability typically drops.
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1 month ago | 
pitchbook.com | Sami Vukelj
The venture debt market is increasingly seeing larger deals with thinner equity cushions, led by a pullback among venture capital investors, says Silicon Valley Bank president Marc Cadieux. Venture capital has suffered in recent years amid a lack of exit opportunities — M&A is paltry, and recent tariff developments have created their own set of concerns stalling deal activity.
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2 months ago | 
pitchbook.com | Sami Vukelj |Zack Miller
The share of life insurers’ general account assets invested in “risky” corporate debt has roughly doubled since the 2007-09 financial crisis, driven in recent years by partnerships between insurers and asset managers, according to the US Federal Reserve.
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Nov 8, 2024 | 
9fin.com | Sami Vukelj |Anna Russi |Peter Benson
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