PitchBook：2025年美国私募信贷市场监测报告（2月版）（英文版）

Direct lending deal activity is off to a slow start – Early 2025 featured a slow start for dealmaking as M&A interest ebbed in the face of a rapidly shifting regulatory environment. Estimated loan volume declined more drastically than deal count due to fewer large buyouts financed by direct lenders amid an uncertain M&A outlook. • Private equity remains a major driver, but issuance is softer – Sponsorbacked deals continue to represent the lion’s share of direct lending, although new issuance has