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Private markets outlook: Refilling the glass
As we enter 2025, sparks of life are emerging in private markets, fueling optimism for improved liquidity and a revitalized investment landscape.

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Showing 1–6 insights out of 25 results
Apr 17, 2025
By Troy Gayeski
10 minute read
Strategy note

The Galactic Mean Reversion Part II: Trade wars are not good for S&P 500 profit margins

Our Chief Market Strategist looks at what trade policy may mean for public equities and how investors can respond.
Apr 11, 2025
By Research
2 minute read
Chart of the week

Volatility highlights private credit lender protections

98% of lower middle market loans issued in 2024 included a covenant compared to just 10% for syndicated loans.

Column chart that divides new issuance volume in 2024 based on covenant protections. Among private loans, 72% of upper middle market loans (issuer EBITDA above $50M) included one or more covenants; 98% of lower middle market loans (issuer EBITDA of $50M or less) included a covenant compared to just 10% of syndicated loans. Issuer protections are less prevalent in the syndicated loan market, where loans are held by hundreds of investors with small tradable slices of exposure.
Mar 21, 2025
By Research
2 minute read
Chart of the week

Private firms represent a dominant share of the loan market

Private firms account for 77% of issuers in the leveraged loan market today, highlighting the larger shift toward private markets.

Line chart showing the percentage of private and public companies that have issued leveraged loans since 2015. While private firms have issued the majority of loans over the past decade, the the gap between the two has widened significantly, from 59% private issuers in 2015 to 77% as of February 2025. The shift in the composition of the loan market highlights the larger growth of private credit, which represents a $1.1 trillion asset class today.
Feb 26, 2025
By Troy Gayeski
40 minute read
Podcast

The Takeaway with Troy Gayeski: How Andrew Beckman approaches credit

Andrew Beckman, Portfolio Manager and Head of Global Credit, joins The Takeaway for a deep dive on what differentiates his approach to credit.

Feb 21, 2025
By Research
2 minute read
Chart of the week

Private credit yield premium hits a four-year high

Private credit has traditionally offered a yield premium over public credit markets. It has widened meaningfully today. Spreads tell a similar story.

Line chart showing yield on upper middle market private credit and B-rated syndicated loans since November 2021. While the yield differential between the two has evolved over time, private credit’s yield premium reached a three year high as of January 31, 2025, and is nearly double its average since January 2021.
Jan 21, 2025
By Troy Gayeski
10 minute read
Strategy note

Strive in ’25: Market/Asset allocation outlook

What are the key opportunities in 2025? Our Chief Market Strategist discusses complementing public equity exposure, replacing/complementing fixed income and putting cash to work.
Showing 1–6 insights out of 25 results

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