PitchBook：2025年美国私人信用监测报告（英文版）

Direct lending deal volume declines – Although the immediate turbulence from tariffs and second-quarter volatility has subsided, its ripple effects persisted into Q3. Private credit–financed deal activity slowed, with LCD tracking $56.3 billion across 200 deals—the lowest levels for both metrics since Q1 2024. As of Sept. 30, deal count and volume were down roughly 13% year over year, leaving direct lending activity behind 2024’s pace. While a few large buyouts buoyed results in the first hal