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United States Overview: 2025 Review & 2026 Outlook

Regional US offices discuss 2025 activity & 2026 Outlook.

Article

United States Overview: 2025 Review & 2026 Outlook
Regional US offices discuss 2025 activity & 2026 Outlook.

Article

United States Overview: 2025 Review & 2026 Outlook
Regional US offices discuss 2025 activity & 2026 Outlook.
Article
United States Overview: 2025 Review & 2026 Outlook
Regional US offices discuss 2025 activity & 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

REGIONAL PERSPECTIVES

“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

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Contributors

Engin Okaya headshot
Engin Okaya
Managing Director
Jason Richardson headshot
Jason Richardson
Managing Director
Ashley Dexter headshot
Ashley Dexter
Managing Director
Stephen Domeier headsot
Stephen Domeier
Managing Director
Adolfo Cabrera headshot
Adolfo Cabrera
Executive Director
Anna Sabiston headshot
Anna Sabiston
Executive Director
Jason Hartman headshot
Jason Hartman
Executive Director
PJ LaFemina headshot
PJ LaFemina
Executive Director
Brooke Ansel headshot
Brooke Ansel
Senior Director
John Gosstola
Senior Director
Sarah Bittner headshot
Sarah Bittner
Senior Director
Thomas Molzahn headshot
Thomas Molzahn
Senior Director
February 18, 2026
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