Private credit investors’ realized losses have been about half that of unrealized markdowns during the past three periods of market stress.

Lenders requiring more equity and less leverage, suggesting healthy private credit lending standards.

This week’s chart looks at return drivers for middle market buyout transactions, which have generated higher realized capital multiples than large cap and may favor middle market managers looking forward.

The Agg’s returns are flat since April 2019. Persistent inflation amid firm growth provides a challenging outlook for core fixed income.

Private credit has become PE sponsors’ primary source of financing for LBOs and M&A activity as the asset class becomes increasingly mainstream.

Middle market private equity sponsors have historically provided outsized value compared to their large cap peers.

This week’s chart looks at the spread between bullish and bearish investors, which has widened significantly in the past several months.

Amid private debt’s massive growth, this week’s chart looks at the healthy yield premium of private credit transactions compared to public markets.

Sentiment has improved across the CRE market, as this week’s chart shows. But investors feel better about broad market conditions than asset prices.

This week’s chart looks at private equity secondaries’ outperformance versus the broader PE market, focusing on what has driven the outperformance.