Private Credit

United States Overview: 2025 Review & 2026 Outlook

03/04/2026

 

Regional US offices discuss 2025 activity & 2026 Outlook.

United States Overview: 2025 Review & 2026 Outlook

Engin Okaya, Managing Director for the Atlanta, Chicago, Minneapolis, and New York Global Corporate Finance offices, comments: "In a year defined by persistent economic and geopolitical uncertainty, our US Private Credit platform continued to see steady deal flow across regions and industries. Across the country, middle-market companies focused on strengthening balance sheets, reinforcing supply chains, and preserving liquidity amid elevated rates and sector‑specific pressures. Institutional lenders like PGIM, with the ability to provide flexible capital solutions, played an important role in helping middle-market issuers diversify funding sources amidst ongoing market uncertainty.”

KEY TAKEAWAYS

1

TARIFF IMPACT

Companies have begun adjusting for the initial uncertainty of the macroeconomic environment, resulting in an anticipated increase in deal activity

2

DATA CENTER GROWTH

Data center construction across the country has resulted in increased opportunities for companies in related industrial and construction sectors

3

M&A UPTICK

M&A activity is expected to increase across the nation as borrowers seeking growth opportunities re-engage as broader conditions stabilize

“While broader volatility is likely to remain, we expect demand for financing in 2026 to stay resilient. With upcoming maturities and improving sentiment across many sectors, we see heightened opportunity in the sponsorless and founder‑owned market, where our ability to deliver strategic direct lending and mezzanine solutions positions us well for meaningful activity in the year ahead.”

Jason Richardson, Managing Director for Dallas, Los Angeles, Mexico City, San Francisco, and Sydney Global Corporate Finance offices

REF# 5271650

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Reigonal Perspectives

Northeast

Midwest

Gulf Coast

West Coast

Meet the Teams

Engin Okaya
Engin Okaya

Managing Director, North America Corporate Finance

Jason Richardson, CFA
Jason Richardson, CFA

Managing Director, Global Corporate Finance

Ashley Dexter, CFA
Ashley Dexter, CFA

Managing Director, North America Corporate Finance

Stephen Domeier
Stephen Domeier

Managing Director, North America Corporate Finance

Adolfo Cabrera, CFA
Adolfo Cabrera, CFA

Executive Director, North America Corporate Finance

Anna Sabiston
Anna Sabiston

Executive Director, North America Corporate Finance

Jason Hartman, CFA
Jason Hartman, CFA

Executive Director, North America Corporate Finance

PJ LaFemina, CFA
PJ LaFemina, CFA

Executive Director, North America Direct Lending

John Gosstola
John Gosstola

Senior Director, North America Corporate Finance

Sarah Bittner
Sarah Bittner

Senior Director, North America Direct Lending

Thomas Molzahn, CFA
Thomas Molzahn, CFA

Executive Director, North America Corporate Finance