Market Analysis
Private Credit's Quiet Repair Shop: Why Amend-and-Extend Is Masking Real Risk
Federal Reserve data shows PIK usage in BDC portfolios rising 67 percent over three years. Jeff Barnes examines how amend-and-extend may be masking real credit deterioration in private credit.
Jeff Barnes, MBA··10 min read
Private Equity
Why the GP-Led Continuation Vehicle Boom Should Worry LPs, Not Reassure Them
Hamilton Lane just led a $270 million single-asset continuation vehicle so Cynosure Partners could keep its decade-old stake in Savant Wealth Management, a firm that's now roughly 25 times larger...
Jeff Barnes, MBA··10 min read
Alternative Investments
Private Credit's $2 Trillion Blind Spot: What It Actually Shares With Pre-2008 CDOs
Private credit has grown into a $1.5-2 trillion global market, and in the fourth quarter of 2025, 20 BDCs posted net asset value declines of 1.5% or more in a single quarter, the worst reading of the...
Jeff Barnes, MBA··11 min read