When Operating Partners and Lender Monitoring Teams Collaborate: The New Value Creation Paradigm
Two groups that once viewed each other with adversarial mindsets —private equity operating partners and lender monitoring teams — are...
Forward for Specialty Finance
Pulse
Healthcare Middle Market Financing: Navigating Complexity in Private Equity’s Most Active Sector
Healthcare private equity delivered a record performance in 2025, with disclosed deal value exceeding an estimated $191 billion — surpassing...
The EBITDA Growth Paradox: When Operational Success Doesn’t Translate to Exit Value
Private equity funds typically rely on three main levers to generate value in portfolio companies: business growth, operational profitability and...
Entry Multiple Creep: How Hybrid ABL-Private Credit Structures Are Reshaping Middle Market Valuations
The U.S. middle market is witnessing a quiet revolution in deal financing. Asset-based lending and private credit — once distinct...
The ABL Sales Cycle in 2025: Why Sponsors Who Understand Specialty Lending Timelines Win More Deals
Asset-based lending has undergone a quiet but significant transformation in recent years. Once viewed primarily as a capital source of...
Continuation Funds and the Hybrid Capital Boom: How Junior Debt Is Bridging the GP-LP Liquidity Gap
The private equity industry faces a structural liquidity crisis. Five-year DPI (distributions to paid-in capital) has fallen to its lowest...
Marketing Due Diligence: What Lenders and PE Sponsors Now Examine in Portfolio Company Go-to-Market Strategies
The due diligence playbook for middle market transactions has evolved significantly. While financial, legal, and operational assessments remain foundational, a...
The Dividend Recap Surge: Why Sponsors Extracted $22.4B in Early 2025 (Up 60% YoY) and What It Means for Credit Quality
Private equity sponsors are increasingly turning to dividend recapitalizations to return capital to investors amid one of the most challenging...
Independent Capital in a Constrained Market: What 2026 Will Demand from Asset-Backed Lenders
Asset-backed finance enters 2026 with a familiar paradox. Demand for capital across equipment-intensive industries remains steady, yet many borrowers encounter...
The Lender Beauty Contest: How PE Sponsors Evaluate and Select Financing Partners in a Crowded Private Credit Market
The middle market lending landscape has undergone a seismic transformation. Private lenders now account for 85% of leveraged buyouts, up...
