Historically high valuations challenge equity returns
Stocks have generated paltry forward returns during historical periods when valuations have been as high as they are today.

Direct lending volume grows amid increased LBO activity
Private credit has increasingly become the preferred source of financing for PE sponsors, with direct lending volume jumping 60% over last year’s level.

Rising volatility expectations point to market anxiety
Expectations for equity and rate volatility spike amid increased election and rate anxiety.

Shrinking public markets mean growth in private markets
Take-private volume has outpaced IPO volume by 3.5x since 2022. This represents an accelerating shift in opportunity toward private markets.

Middle market at the center of U.S. job growth
With employment data in focus, the middle market has shined, outpacing job growth in small and large-cap firms by more than double.

New rate regime, same rate volatility?
Fed rate cuts have not appeared to end rate volatility. Treasury yields retraced their decline as markets digested a still data-dependent Fed.
