Paul Elias

Abundant credit capital, slower buyout activity and longer holding periods are pushing direct lenders toward junior debt, preferred equity and other bespoke structures.

From AI software to seasoned direct loans, continuation vehicles are becoming the private markets’ answer to a global shortage of exits.

Private equity fundraising is recovering, but co-investments, SMAs and other negotiated benefits are making the headline size of a flagship fund an increasingly incomplete measure of what it costs to raise.

Sponsors have found new ways to return cash without exiting assets and private credit is financing many of them.

Middle-market defense companies are attracting larger checks just as their operational limitations become harder to ignore.