Private Credit Stress and Healthcare Exposure

Apollo redemptions nearly double, BDC discounts 20-25%, default rates at record highs, healthcare stressed at 15.8% for sub-$25M EBITDA. Private credit rotating toward healthcare as AI disrupts software lending. LPs are becoming more discerning, emphasizing specialist expertise and valuation rigor, affecting fundraising dynamics for multi-site healthcare CEOs. A practical guide on reading private credit fund prospectuses highlights fee waterfalls, PIK disclosure, and leverage ratios as critical due diligence sections. A new lender-side playbook on governance, monitoring, and cross-border recovery adds practical risk management insights. PE liquidity tools like NAV loans and continuation vehicles are increasingly critical for navigating exit bottlenecks and valuation gaps. A new article on PE's disproportionate role in bankruptcies adds macro context.