November 2025 Report:
Examining Private Credit Growth: Challenges and Opportunities

We examine the structural factors driving private credit growth and how the influx of capital is pressuring deal terms while heightening the focus on borrower health.

Submit the form to read the report.

What’s inside the report
  • Private credit’s compelling return profile — featuring lower defaults, reduced volatility, and superior yields compared to public credit markets — has driven substantial capital inflows in recent years.
  • Why sponsors have developed a growing preference for the unique advantages private credit solutions provide across structuring, lender relationships, and deal timelines.
  • Renewed competition from traditional bank lenders on mega deals alongside lackluster M&A activity has compressed the juicy spreads
    private credit enjoyed in recent years.
  • How an abundance of direct lending capital has put downward pressure on pricing amid lower levels of M&A and led to borrower-friendly terms, including an uptick in payment-in-kind provisions and covenant lite loans.

“Chronograph’s technology has allowed us to capture and structure more than seven million data points from our portfolio, and we feel the LP solution is unique in its ability to capture such a rich and complete data set.”

“Having worked with Chronograph and incumbent solutions at prior firms, I’ve seen firsthand how Chronograph drives value for stakeholders. It was critical for us to implement Chronograph as early as possible. The platform has been an integral part of our technology stack since day one and continues to support key data management processes within Knox Lane.”

“Chronograph’s flexible data collection and reporting technology has enabled us to harmonize KPIs and deepen insights across our portfolio. Our investment, value creation, and finance teams can all easily collaborate with consistent and trusted data.”

“As secondaries investors, we are investing in hundreds of funds and thousands of companies. This means our data scales up in a very rapid way. We’ve found that unlocking our data and prioritizing its value in our investment cycle has helped us become better investors.”

“Chronograph acts as a critical hub for our data collection, valuation, and reporting processes. We are constantly collaborating with the Chronograph team to discover new capabilities and expand our use case.”

“Previously, our reports were not stored in the database. Anytime we needed to trace the origin of a specific metric, we had to manually search for the report. The ability to click on any metric in Chronograph and instantly access its location in the corresponding source report has been really powerful.”

An Indispensable Industry Partner

Chronograph serves a majority of the largest GPs and LPs and features a well-diversified global client base of leading institutions

$0t

Total AUM Coverage

$0t

Invested Client Capital

0k

Unique Funds

0k

Private Companies

Start streamlining your portfolio monitoring and reporting

Learn more about how Chronograph can simplify your monitoring, reporting, and analytics