Delayed Refinancing
Primary Pressure
Portfolio Response
Watch Closely
Private Equity
Private Equity Financing Conditions
Borrowing costs can fall while refinancing remains selective. This interactive report separates the price of debt from lender willingness, then connects both conditions to the operating room available inside portfolio companies. Explore our Private Equity FP&A practice for related portfolio-company work.
Financing Paths
Financing Path Descriptions
CostOpenSelectiveRestricted
Lower Borrowing CostElevated Borrowing CostHigh Borrowing Cost
Select a path to view the financing trajectory
Columns show credit availability. Rows show borrowing-cost pressure.
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Current Financing Conditions
Private Equity Financing Pressure
Debt costs have moved below the 2023 peak, while refinancing capacity remains concentrated among portfolio companies with durable earnings, credible cash conversion, sufficient maturity runway, and lender confidence.
Latest ReadingRecent Pressure Point
Lower PressureHigher Pressure
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Conditions Over Time
Financing Pressure Eased, While Access Remained Selective
The financing paths represent City Shift Finance interpretations of the interaction between borrowing cost and credit availability. Their purpose is analytical, with no forecasting or survey inference intended.
The report uses public US credit-market indicators to interpret the broader cost, availability, volume, and credit-quality environment affecting private equity financing. Portfolio-company outcomes also depend on leverage, earnings durability, maturity timing, covenant structure, and lender composition.
For the historical charts, year-end values are used for SOFR and business-loan delinquency. Lending standards use annual averages. C&I loan growth is year over year, with June 2026 compared with June 2025.
30-Day Average SOFR: 3.62% latest. The base-rate burden declined from its 2023 high, while remaining well above the end of 2021.
Banks Tightening C&I Standards: 6.7% 2026 average. Bank standards moved away from the 2023 peak while remaining modestly tighter on net.
C&I Loan Growth: +8.0% in June 2026. Balances returned to growth after contracting during the selective-credit period.
Business-Loan Delinquency: 1.34% in Q1 2026. Broad delinquency rose from the low point while remaining contained through the latest period.
Source: City Shift Finance analysis of Federal Reserve Bank of New York and Federal Reserve Board data.
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