Tag

middle market M&A

3 insights

Cover showing Q2 2026 middle-market direct-lending volume of $33.6 billion, the lowest since Q2 2023, beside a stacked bar of a bank facility's $1.6 billion committed capacity plus a $1.0 billion accordion to $2.6 billion.

The Direct-Lending Slowdown Is a Buyer's Financing Window

Middle-market direct lending hit its lowest quarter since 2023 while bank and asset-based capacity expanded. Why the buyers who run a multi-source process capture the leverage.

Capital Markets & Trends Borrower Advisory

Horizontal stacked bar showing about $1.4T of idle U.S. acquisition capital, split into $1.13T PE dry powder and $264B private-credit dry powder, against a −52% drop in June 2026 deal deployment versus January.

Capital Is Not Scarce. It Is Just Not Moving.

U.S. acquisition capital sits near record levels while deal volume has fallen by half. The binding constraint for buyers now is structure and matching, not availability.

Capital Markets & Trends Borrower Advisory

Grid of 20 squares with 17 filled in Thalos navy, illustrating that direct lenders financed about 85% of US leveraged buyouts in 2024.

The Single-Lender Acquisition Is Narrowing Just as Deal Flow Returns

Private credit redemptions jumped 217% in a quarter. For acquirers leaning on one lender, the risk is no longer deal supply, it is certainty of close. Here is the defense.

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