Private Credit Pulse – Q2 2025

We are excited to announce the launch of the Private Credit Pulse, DLA Piper’s quarterly newsletter offering strategic perspectives on developments shaping the Private Credit and Fund Finance markets.

As global Private Credit assets continue to surge – expected to exceed $3 trillion in the coming years – the market has become a key source of capital across different sectors and strategies. With new entrants, shifting regulatory frameworks, and increasingly complex deal structures, companies are encouraged to stay informed.

Setting out key legal developments, the Private Credit Pulse delivers actionable insights and forward-looking commentary tailored to market participants.

Market updates at a glance

• Blackrock stated that global private debt assets under management (AUM) will reach $3.5 trillion by year-end 2028.
  
  
• Loan Syndications and Trading Association (LSTA) survey data from April 2025 showed that the US private corporate credit market had grown to more than $1.5 trillion, surpassing the size of the broadly syndicated loan market ($1.4+ trillion) and the high-yield market ($1.4 trillion).
  
  
• According to Leveraged Commentary & Data, first-quarter collateralized loan obligation (CLO) issuance of $48.6 billion across 97 transactions is close to the robust first-quarter 2024 totals of $48.8 billion from 106 deals.
  
  
• Despite an active June, loan issuance for the quarter was subdued compared to late 2024 and early 2025, according to Pitchbook's US Credit Markets Quarterly Wrap.
  
  
• The Quarterly Wrap showed repricing activity accelerated as the market rallied, with Q2 repricings reflecting stronger overall credit quality than those in Q1.

Our latest insights

• Understanding the impact of MOICs on MFN provisions in private credit transactions
  
  
• Private credit market trends: Insights from the Debtwire Private Credit Forum
  
  
• 2025 Private Credit Technology Summit: Perspectives from the industry
  
  
• The intersection of private credit and insurance company capital, LSEG Lending Lowdown Podcast
  
  
• Beyond the balance sheet: The future of private credit and fund finance
  
  
• 2025 Global Fund Finance Symposium: Key trends in the fund finance market
  
  
• Fund Finance Laws and Regulations 2025 - Institutional investors: the final frontier of net asset value-based finance

Upcoming events

Connect with our team at the following events:

• October 20: Private Credit Connect: East, Miami
October 20 to 22: ABS East, Miami
• October 21: DLA Piper Finance Mixer at ABS East & Private Credit Connect, Miami*


October 20 to 21: Private Credit Sourcing Conference, New York
• October 21: DLA Piper Private Credit Mixer at the Private Credit Sourcing Conference*

*Contact Marcia Cerqueira for more information on our DLA Piper-hosted events.

Our team

Brought to you by our industry-ranked team, we advise lead arrangers, lenders, and investors across the full credit spectrum – from middle market to large cap to fund-level – on a wide range of transactions, including direct lending, unitranche facilities, asset-backed facilities, preferred equity, hybrid capital solutions, net asset value (NAV) lending, rated feeder funds, and back leverage facilities.

We offer:

• Decades of lender-side experience, providing legal advice informed by commercial insight
  
  
• Scalable execution capabilities across middle, upper-middle, and large cap transactions
  
  
• Deep knowledge of Fund Finance, including subscription facilities, NAV loans, and hybrid facilities, as well as joint ventures and co-investments
  
  
• Advisory on Private Credit fund formation, including innovative hybrid fund structures and strategies to attract insurance capital, such as rated note feeders, collateralized fund obligation vehicles, and separately managed accounts

Our global platform, deep bench, and commercial focus allow us to structure and execute complex deals with agility – supporting fund managers, alternative lenders, and institutional investors as they navigate this rapidly evolving market.

Stay ahead of the curve – the Private Credit Pulse is your must-read guide to what matters most in Private Credit and Fund Finance.