Private credit continues to be the most influential force in corporate credit in 2025, showing continued growth beyond traditional sponsor-backed leveraged buyouts and M&A into investment-grade, asset-based lending and specialty finance strategies.

As competition for assets intensified amid below-expectation M&A activity and increased competition against the BSL market, leading private credit firms distinguished themselves through scale, versatility and structuring expertise, and certainty of execution.

The FY’25 US Direct Lending Rankings report features:

• Comprehensive Rankings: Full-year data on deal velocity, size, and use of proceeds.
• Sector-Specific Analysis: Detailed rankings and deal breakdowns by industry.
• Market Segment Breakdown: Q4’25 rankings for lower middle market, middle market, and large cap deals.

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