Article

In Q4 2025, the private credit market experienced an increase in M&A dealmaking, highlighted by a record $55 billion leveraged buyout (LBO) of Electronic Arts, supported by a $20 billion debt commitment from JPMorgan. Overall, private credit lenders issued approximately $69.8 billion across 201 deals, the highest volume since Q2 2024.

Despite concerns over potential systemic risks from non-bank financial institutions and recent bankruptcies, private credit issuance continued to grow, with significant loans for various companies, including Bain Capital's planned buyout of Service Logic and TPG's acquisition of Pike Corporation. Regulatory changes and interest rate cuts impacted lender valuations, while the secondaries market also expanded significantly during the quarter. Notably, Blue Owl and Meta formed a $27 billion joint venture for a data center project in Louisiana, showcasing the ongoing investment in digital infrastructure.