PitchBook & LCD：2026美国私募信贷市场监测报告（英文版）（40页）.pdf

1、Private Credit MonitorMay 2026Key Takeaways Direct lending volume and deal count fall to a nearly three-year low A volatile market backdrop,geopolitical uncertainty,and net outflows from retail products further slowed an already sluggish period.Direct lenders provided an estimated$45.2 billion of ne

2、w loans in the three months to May 31,the lowest level since Q2 2023,down 40%from Q1 2026.Deal count retreated to 184 transactions,the lowest since Q3 2023 and down 16%from the first quarter.Sponsor-backed direct lending hit a multiyear low last quarter Sponsor-backed volume declined to$28.9 billion

3、(the weakest since Q2 2023)and deal count fell to 102 transactions(the weakest since Q3 2023).Through five months,volume is down 25%from last year deal count is down 16%.Buyout activity fell to multiyear lows AI-driven concerns weighed on software valuations,non-traded BDC shareholders stepped up re

4、demption requests,and geopolitical uncertainty kept dealmakers cautious.Estimated direct lending buyout volume fell to just$15.6 billion in the three months to May 31,from$23 billion in Q1,while deal count retreated to 48,from 57.YTD loan volume and deal count are down 19%and 13%,respectively,year-o

5、ver-year.Private credit spreads in spotlight as market dynamics shift Lenders describe a market reset taking shape,with spreads widening,leverage pulling back,and deal terms improving.On plain-vanilla deals,spreads have moved out roughly 25 to 50 basis points a loan that priced at Sofr+450 late last

6、 year would likely come at Sofr+500 today,with slightly more OID.A small sample of recent LBOs bears this out,with spreads averaging S+490,versus S+474 in Q1,though the dataset is thin and skewed toward deals closed earlier in the year PIK and cash interest income fell in Q1 among BDCs Among the 15