Having moderated three private credit panels in the past ten days, a recurring theme we’ve heard is the record level of deal volume. What’s driving this unprecedented activity?  

In its recently published 3Q survey, William Blair reported $155 billion of institutional loans, nearly the highest number they’ve recorded. $92 billion was dedicated to M&A transactions.  

Covid tailwinds are boosting companies to historic highs on revenues and Ebitda, encouraging owners to cash out at relative valuation peaks.