Private Debt and Direct Lending - Articles & White Papers

Business development companies (BDCs) can provide a bridge between investors and growing companies needing capital beyond traditional lenders. As private credit expands, S&P Dow Jones Indices will introduce new offerings related to BDCs, direct lending and the broader private credit market.

As the first month of 2026 is drawing to an end, asset managers and investment banks from across the world have presented their views for the year ahead in outlook pieces. This chart pack surfaces some of the key themes from a number of these outlooks.

This study presents a practical framework for sizing private asset allocations and planning capital commitments from the perspective of a Multi-Asset allocator.

Cash is no longer king: Yields remain compelling, and intermediate duration looks superior to cash. Carry—the return from income, roll down, and other factors—became king in 2025, and we expect its reign to continue in 2026.

Following a multi-year reset in global dealmaking, improving growth and liquidity are setting the stage for renewed momentum in 2026.

Philippe Berthelot, CIO for Credit and Money Markets at Ostrum AM, has weathered several crises during his 30-plus year career, and the profound importance of liquidity when managing a bond fund is something that has stayed with him long after the GFC.

Explore what’s ahead Principal Asset Management's 2026 Direct Lending Outlook and how investors can position for the year ahead.

MacKay Shields' core view is that income generation (carry) will replace price appreciation as the primary driver of total returns. With inflation settling at a “sticky” 3% and the term premium rising, the firm is positioning for a “higher-for-longer” paradigm.

Navigate 2026 private markets with Churchill's outlook on middle market lending, continuation vehicles, co-investment opportunities, and manager selection for institutional investors.

Investment grade private credit enters 2026 with steady supply and healthy investor demand, creating a constructive yet selective outlook. Elevated rates and shifting sector dynamics underscore the need for disciplined underwriting and a focus on risk-adjusted opportunities.

We believe Europe’s upper middle market is a compelling private credit opportunity for institutional investors. Learn how combining direct lending and syndicated loans may deliver compelling yield, liquidity, and diversification.

While private credit and high yield markets will continue to offer opportunities in 2026, rigorous selection becomes essential for investors.

The U.S. banking industry is entering a new era in which regulated banks and private lenders are increasingly intertwined. This trend will continue to open attractive opportunities for dynamic allocation across the credit spectrum.

Rival market dynamics between lenders drives innovation and competition across Europe’s leveraged finance markets, opening new doors to sponsors as transaction activity accelerates.

Navigate 2026 private markets with Churchill's outlook on middle market lending, continuation vehicles, co-investment opportunities, and manager selection for institutional investors.

The industry’s growth could hit new milestones amid expansion beyond the core corporate lending segment and rising interest from private wealth investors.