Performance

State of the market Q2 2026: Pockets of pressure

According to some, the future is at stake (and perhaps be worried if your firm name begins with ‘B’), but there is little in the way of evidence that private credit faces a crisis that spans the entire asset class.

Blackstone posts earnings rise and shrugs off SaaSpocalypse talk

Private credit returns declined in Q1, but executives blame ‘naysayers’ not fundamentals.

The illiquidity crisis: Democratised and distressed

Matthias Kirchgaessner examines retail redemption stress, institutional contagion channels and the broader repercussions for the private credit market.

Arizona state pension cuts projected returns out of private credit

Even while maintaining allocation targets for the asset class, the $63bn system is lowering its assumed return to reflect a more competitive environment for credit funds

Davidson Kempner: Opportunistic credit could benefit from ‘capital structure reset’

Stress in private equity funds and portfolio companies could open up opportunities for opportunistic credit managers, DK’s white paper argues.

Institutions are increasing private market allocations: Nuveen

Custom mandates and separate accounts are the most desired vehicles for new private credit exposure.

Fitch: Default events in January double last year’s average

There were 11 private credit defaults in January and 89 in the trailing 12-month period.

The increasing visibility of stress

The BDC market provides a window into more challenging conditions, while maturity walls may force restructurings.

Performance data provides clues to LP sentiment

Investors are not without concerns but are happy to keep increasing their private debt allocations.

New report: Private markets performance data

PEI Group’s quarterly fund performance reports analyse the state of private markets through the lens of our proprietary data to bring you market insights enriched by our reporting and editorial expertise.