PIK debt

GP Financing for Lower Middle Market Managers: What It Is, What Secures It, and What a Practitioner Should Ask

GP financing is borrowing at the manager level rather than the fund level. Different than NAV financing, managers use GP financing for the commitment itself, as well as other reasons.

Sponsored by Nodem Capital

Lenders & Private Credit

Private Credit’s Golden Age Faces a Reality Check

Yield spreads are compressing, PIK use is rising, and even top lenders admit the easy-money era is ending.

December 1, 2025

Pedestrians walk along Wall Street near the New York Stock Exchange

Financial Services

The Relentless Rise of PIK Hints at Trouble to Come for Private Markets

While deferring interest payments for a couple of quarters can help sidestep short-term cash squeezes, extended delays of payments makes it harder to refinance debt.

August 19, 2024

A pedestrian on Wall Street near the New York Stock Exchange

Lenders & Private Credit

Prospect Capital Defends Record, Says it Has Access to Funding

A report highlighted growing concerns among analysts over an $8 billion private credit fund Prospect runs and the potential risks posed by the PIK arrangements.

August 12, 2024

Lenders & Private Credit

New Mountain Finance Sells $477M Portfolio at Discount Amid Private Credit Strains

The company described the transaction as intended to increase portfolio diversification, reduce PIK income and enhance financial flexibility.

February 25, 2026

Healthcare

CapVest Joins PE’s Big Leagues with $11.7B Stada Buyout Backed Partly by Goldman Sachs, KKR

The deal, valuing Stada at about $11.7 billion including debt, is Europe’s largest leveraged buyout this year.

September 3, 2025

Lenders & Private Credit

Private Credit Pushes Deeper into Risk

Private credit funds are reaching further for deals as the leveraged buyouts that are their bread and butter stay scarce.

July 18, 2024

Financial Services

Private Equity’s Creative Wizardry is Obscuring Danger Signs

Even though buyout firms say they see green shoots in the M&A market, they’re deep into a third year of higher rates and scant opportunity to sell assets at decent prices.

July 11, 2024

Financial Services

Apex Receives PIK Note From Carlyle and Goldman Sachs

Companies have increasingly been turning to so-called PIK notes in the higher-interest rate environment of the last couple of years.

June 24, 2024

PIK debt

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