Personal credit score exercise “remained robust” in 2025 boosted by excessive buyout exercise and collateralised mortgage obligation (CLO) issuance, in response to information from PitchBook.
PitchBook’s LCD platform mentioned final 12 months noticed a restoration in buyout exercise, which helped elevate volumes to their highest stage since LCD began monitoring. Buyout financing reached $81.4bn (£60.7bn) in 2025, up from $72.9bn in 2024.
The analysis agency famous that leverage buyout (LBO) quantity was unfold throughout fewer offers in 2025, signalling a comeback for bigger transactions. Nevertheless, the variety of direct lending offers financing buyouts declined to 214, down from 248 in 2024.
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Personal credit score development was additional supported by CLO formation, PitchBook mentioned. CLO issuance reached a report $43.1bn in 2025, up from $38.5bn in 2024.
Regardless of the restoration in buyouts, total direct lending transaction volumes fell 11 per cent year-on-year to $247bn, PitchBook mentioned.
Alongside robust buyout exercise, decrease spreads within the syndicated mortgage market, coupled with strong demand for offers, continued to draw non-public credit score debtors.
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In 2025, $34.1bn of direct-lender loans had been refinanced within the broadly syndicated mortgage market, the very best stage since LCD started monitoring the information in 2022. This quantity of takeouts was 18 per cent larger than in 2024, PitchBook added.
Direct lenders additionally refinanced $36.9bn of syndicated loans, representing the very best stage since monitoring started.
Learn extra: PitchBook LCD: Personal credit score spreads tighten to 525bps