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Business of Private Credit: Safety, Not Size

Even the best credit managers have loans that go bad. What separates them from everyone else is the history and experience they bring to working these problems out.

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    Reorg, Don’t Liquidate

    Since the Fed’s rate hike regime began, more bankruptcies are reorganizations. Source: Torsten Slok – Apollo, The Daily Shot(Past performance…

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    Best Practices in Private Credit (Last of a Series)

    We’ve spent the last six weeks outlining best practices top direct lenders employ so portfolios generate the highest returns complemented…

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    Best Practices in Private Credit (Third of a Series)

    Why is portfolio construction such an important concept for analyzing private credit managers? The answer seems obvious, but it’s more…

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    Drowning in debt: TMT sector braces for wave of Chapter 11 filings

    Since 1Q23, the number of bankruptcy applications from TMT firms has been relatively moderate. However, according to Likely-To-Distress (LTD) rankings…

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    Daily Analytic: US downward price flexes continue in 2Q24

    After a record first quarter, the number of downward price flexes on first-lien institutional loans continues to be strong through…

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    Private Debt Intelligence - 5/6/2024

    Direct lending dominates first quarter fundraising Demand for direct lending strategies has increased consistently over the past 15 years, as…

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    Fitch’s Privately Monitored Middle Market Portfolio Overview, 1Q24

    Download FitchRating’s Report here. In the chart above, Fitch presents aggregate data for MM companies, defined as in the area…

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    The Pulse of Private Equity – 5/6/2024

    Download PitchBook’s Report here. It was another stellar quarter for floating-rate loans to private company borrowers, which represent the bulk of…

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    Distribution of Accordion F&C Tranche EBITDA Grower Caps (L3M)

    (Past performance is no guarantee of future results.)

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    Loan Stats at a Glance - 5/6/2024

    Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com

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    Returns Department

    Global private fund returns of capital has begun to improve since early 2023. Source: MSCI – Private Assets in Focus(Past…

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    Best Practices in Private Credit (Sixth of a Series)

    No one loves physicals. The battery of tests, poking and prodding, with routine check-ups are low on our bucket list.…

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    Best Practices in Private Credit (Second of a Series)

    Success is a balance of offense and defense. Deploying capital efficiently means sourcing top performing assets – financings to superior…

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    The Pulse of Private Equity – 4/29/2024

    Download PitchBook’s Report here. Unparalleled exit activity facilitated increases in 12-month distributions as a percentage of NAV for PE, culminating in…

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    How Does the Default Outlook for the Middle Market Compare to BSL?

    Download FitchRating’s Report here. Fitch tracks defaults in our portfolio of about 300 middle market loans that we rate privately…

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    Fundraising falls flat

    There’s been talk of a modest revival in capital raising this year, but the first quarter may have lowered expectations.…

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