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.

In the past year, more than half of ratings discontinuations related to sponsor exits were attributable to strategic buyers or IPOs, according to DBRS.

Asset sales, a scrapped data center mega-campus and a debt-repaying IPO raise questions about whether the top of the market is near.

As exit opportunities that would usually return cash to sponsors become scarce, private credit secondaries have entered the fray.

Activity levels fell for borrowers backed by PE firms, which are struggling to find appealing exit opportunities and were reluctant to transact amid macroeconomic and geopolitical headwinds.

Headlines may get worse for BDC managers even if the redemption stress has peaked, says industry veteran Mark Goldberg.

This is KSL’s second time acquiring Invited Clubs, as the PE firm bought the company in 2006 before its IPO in 2013.

Life insurers have played a massive role in funding the rise of private credit.

The fund said US onshore repurchase requests moderated to 4.3% in Q2, while redemptions from offshore investors increased to 12.5%.

Ares said that nearly two-thirds of redemption requests were submitted by investors who had tendered in the prior quarter, when the fund received repurchase requests for 11.6% of shares outstanding and also capped redemptions at 5%.

Redemption requests are expected to remain elevated for the rest of the year, as investors continue to request repurchases that were unfulfilled in prior quarters.

LCD has not tracked a single LBO financing over $2 billion by direct lenders since early March.

This initiative is part of PitchBook’s broader lending league table offerings and focuses specifically on transactions in the private credit direct lending market.

This key market segment is being re-examined, with a fault-line separating companies according to AI exposure.

A song’s peak value is likely just after an album’s release, followed by a rapid decline, with potential spikes after a concert tour or a television appearance.

The majority of LPs remain broadly committed to private credit, with most expecting to maintain their current allocations, according to Coller Capital’s Global Private Capital Barometer.

The best assets draw fierce competition from lenders, while a backlog of companies struggle to find buyers.

The new owners are investing $150 million of capital in the company as part of the transaction.