PitchBook-美国私人信贷监测（英）

USPrivate Credit MonitorJuly 2025PG 2MONTHLY US PRIVATE CREDIT MONITOR | PERMISSION TO REPRINT OR DISTRIBUTE ANY CONTENT FROM THIS PRESENTATION REQUIRES THE PRIOR WRITTEN APPROVAL OF PITCHBOOK DATA, INC.Key Takeaways• PE-backed direct lending volume slows, lagging behind 2024 pace – Direct lending activity tied to private equity continues to trail 2024’s pace due to a slower second quarter. As of July 31, deal count is down 26% year-over-year, with total volume falling 20%. While the first half of the year saw a handful of large buyouts that helped prop up overall volume, July was notably quieter on the megadeal front. One of the more significant transactions to close in July was the $1.85 billion debt package supporting the take-private acquisition of Triumph Group. The borrower, familiar to the leveraged finance market, had previously tapped the high-yield bond market before turning to private debt solutions for this deal.• BDC watch – with Q2 2025 earnings rolling in, private credit executives have adopted increasingly optimistic language to describe deal pipelines and incoming inquiries, suggesting stronger deal volumes going forward. FS KKR Capital's Dan Pietrzak said his firm has reviewed more deals in the past quarter than in the prior eight quarters (https://content.pitchbook.com/share/quick-link/profile/66e9927f-5851-421a-9872-d8ef5f84ceef?hash=a7345a5d32c92d3feb64886ba0f3115d9128e4c16e869610b98bef51e877d5c0), and Blackstone Secured Lending Fund's Brad Marshall said he thinks August will probably be the firm’s busiest month for transactions since 2021. • Spread compression – A recurring theme across BDC earnings calls has been continued spread tightening, driven by intensifying competition from traditional bank lenders for larger deals. This dynamic has pressured private credit providers to reduce pricing in order to remain competitive. Churchill Asset Management CEO Ken Kencel (link) noted that spreads have stabilized in the 450–475 basis point range, butcould compress by another 25 basis points in the near-term. Supporting this trend, LCD data shows that 43% of LBO financings by direct lenders this year have priced below S+500 — more than double the share seen in 2024. • Mixed non-accruals – While BDCs have broadly stated that their exposure to tariff-impacted companies is low, there was disruption enough to contribute to slight upticks in non-accruals in the quarter. There were also examples of stress at portfolio companies that was directly related to tariffs.• Battle for large deals – Private credit and the broadly syndicated loan market remain in active competition for deal flow, with the BSL market gaining the upper hand in recent months. Borrowers have been drawn to historically tight spreads and favorable technical conditions in the syndicated space. Between May and July, 11 issuers refinanced direct loans into broadly syndicated facilities, removing approximately $14 billion from private credit portfolios — the large