Private Credit

Once the darling of the direct lending industry, the software space is now a harder sell for lenders.

Skeleton crew at Trump’s SEC, using dead folks’ names to back 401(k) plan, and other spooky treats for the alternatives industry.

Goldman Sachs Private Credit Corp. received repurchase requests for 2% of shares outstanding in Q3, down from 3.24% in Q2.

Software and second-lien loans account for 89% of the year-over-year increase in distressed debt.

Once the private credit industry’s darling, the software space has become a much harder sell for direct lenders.

European dealmakers left the IPEM conference in Paris split on what the rest of the year holds for the market.

The number of BDC-held companies that showed some degree of credit pressure rose to 583 as of June 30, up 8% from March and 25% from year-end 2025.

Credit funds of $5 billion or larger accounted for 57% of H1 fundraising, though PE sponsors are increasingly turning to banks for better-priced loans.

PitchBook’s Private Credit League Tables, covering Q2 2026, are now available in an interactive format.

Warburg Pincus announced in July that it was acquiring a controlling interest in PANTHERx from Nautic Partners, General Atlantic and The Vistria Group.

Withdrawal requests at non-traded BDCs have been elevated this year, and while redemptions appear to be declining from their Q2 peaks, they remain above 5% at many private credit funds.

EQT has acquired a majority stake in the UK-based firm from Warburg Pincus.

The firm said the main challenge for the industry currently is a lack of M&A.

Software borrowers delivered “among the lowest default rates of any industry,” according to Houlihan Lokey.

Partners Group last month said it entered into exclusivity to acquire Aroma-Zone from Eurazeo.

The European Private Credit Monitor provides a high-level view of private credit market activity. Topics covered include counts and estimated volume, spread distribution and leverage.

A steady stream of retail redemptions is hamstringing large direct lenders, creating an opening for banks and the broadly syndicated market.

HVAC is just one of the specialty trades that PitchBook expects to keep benefiting as data center construction drives demand for ancillary activity, including additional site work, electrification, and supporting infrastructure, well into 2027.