Private Debt Intelligence – 1/20/2025

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THE LEAD|January 22, 2025
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Hurdle and carry rates climb for riskier private debt strategies

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Read more in ‘Preqin 2025 Global Report: Private Debt’

Incentive payments to private capital GPs have two main variables, the hurdle rate and carried interest. In private debt, these two fee rates vary depending on the risk-return profile of the strategy. Generally, the safer the strategy, the lower the hurdle and carry rate. Senior direct lending, the safest private debt strategy, has a median hurdle of 5.75% and a carry of 15%, whereas mezzanine and distressed funds have hurdle and carry rates of 8% and 20%, respectively, which is a more typical private capital fee structure.

Contact: William Bennett-Lynch
william.bennett-lynch@preqin.com

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