Commentary
The OG of Private Credit: Par for the Course
What is a loan worth? At its core, a loan’s value is driven by two forces: credit risk (the likelihood the borrower repays) and market risk…
Read MoreThe OG of Private Credit: By Default
Beyond structural pressures, liquidity mismatches, and conflation with large cap strategies, the most fundamental question for any credit investor: What is the actual risk of losing money?
Read MoreThe OG of Private Credit: The Liquidity Mirage
The word “private” in private credit signifies not just “non-public,” but “non-traded.”
Read MoreThe OG of Private Credit: You Are What You Eat
In private credit, the character of your deal sourcing determines the destiny of your portfolio.
Read MoreThe OG of Private Credit: (Smaller) Size Matters
As we highlighted last week, the zero-rate period post-GFC allowed private equity firms to buy companies with higher leverage and sell them at higher multiples.
Read MoreThe OG of Private Credit: How We Got Here
According to iCapital, private credit refers to “tailored financing options – typically loans – that are directly made to strategically identified companies by non-bank lenders.
Read MoreThe OG of Private Credit (First of a Series)
“Private credit is, by its nature, still an illiquid asset class.”
Read MoreWhy Private Equity Matters (Last of a Series)
For most of its history, private equity was built for institutions – pension funds, endowments, sovereign wealth funds. Individual investors…
Read MoreWhy Private Equity Matters (Part Nine)
Private equity firms spend considerable time finding the right business, market, or operating model before making an investment. This is fundamental,…
Read MoreWhy Private Equity Matters (Part Eight)
Diversification is an important topic and a strong consideration for any portfolio. It can come in many forms. In public…
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