Mid-market PE managers less impacted by slowing IPOs
Private equity sponsor-to-sponsor exits have seen notable growth over the past five years, creating a ripe environment for middle market PE managers.

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.

Domestic resilience in vogue amid selloff
S&P firms with a global focus have been at the heart of this year’s selloff. U.S.-oriented firms have skirted trade tensions and fared better.

Trade uncertainty registers parabolic growth
Tariffs have been mentioned nearly 1,000 times on Q1 earnings calls, driving volatility and sowing uncertainty across markets.

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.

Small cap stocks confront growing quality issues
70% of Russell 2000 companies that have IPO’d since 2020 have negative earnings, highlighting the challenges facing public small cap markets.
