The State of Private Credit — H2 2026

The map, as it stands

Coverage spans eleven deal types (funds commonly carry several structures, so counts overlap):

What the data exposes: the middle-market coverage gap

What this means for a $5M–$100M raise

1. Count your real lender set, not the famous set. Of 912 active funds, the shortlist that fits a given deal on size, structure, sector, and geography typically runs to dozens — and it rarely resembles the conference-circuit list.
2. Range fit is the first screen. A fund whose band is built around your check size will out-execute a megafund that merely spans it. Treat flagged estimates as provisional until a sourced figure confirms them.
3. Reachability is the second screen. A perfect-fit fund without a named deal-team contact converts poorly. Of 4,773 tracked contacts, roughly 80% carry a verified work email today — know which side of that line your shortlist sits on before the process starts.

Methodology note

• “Researched” means each active fund profile is compiled from public sources — fund websites, SEC filings, deal announcements, team pages — and reviewed by a person before it ships. An automated pipeline proposes changes daily; a human approves or rejects every one.
• “Verified email” means a work email confirmed deliverable through licensed verification providers. Verified contacts are marked as such; an email that bounces is re-checked and the status updated.
• “Estimate”means the fund discloses no check-size range, so we modeled one from fund AUM and comparable lenders. Estimates are flagged “~ (est.)” wherever they appear, carry less weight than sourced ranges in scoring, and are replaced the moment a sourced or lender-confirmed figure arrives. 158 of 912 ranges are currently estimates.