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The US private credit deal rankings for Q4 2025 are now live, with TPG Twin Brook taking the top spot with 54 deals. Churchill follows closely with 53 deals completed. Apogem and Goldman Sachs both recorded 44 deals finalized and following them both were Antares and Morgan Stanley in joint fifth place.
Over the full year, Antares led with 161 deals, followed by Apogem, TPG Twin Brook, Churchill and BMO making up the top five.
We’ll break down the key trends, lender strategies, and market dynamics in our upcoming quarterly US Private Credit Review (see the Q3 review here). Until then, you can explore the full lender rankings and see how deal flow is shaping up across the middle market.
