The Tug-of-War Between Syndicated Loans and Direct Lending
The relationship between broadly syndicated loans and middle market direct lending has evolved from distinct market segments into a fluid,...
Forward for Specialty Finance
Pulse
The Barbell Effect in Private Credit: What Mega-Fund Migration Means for the Lower Middle Market
Something structural is happening to the competitive landscape of private credit, and it has less to do with rates or...
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...
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...
