In one line: Private credit is non-bank lending by funds, BDCs and insurance balance sheets, negotiated directly with borrowers and held to maturity rather than syndicated. It grew from a post-GFC niche into a ~$1.7–2tn+ asset class (~, reported industry estimates). It now competes head-on with the leveraged-loan and high-yield markets and is the main financing source for middle-market LBOs.
What the study covers
- 1Overview
- 2How it works
- 3Economics and key numbers
- 4Key players and landmark deals
- 5Risks and pitfalls
- 6How an expert thinks about it
- 7Glossary
- 8Related sections
Technical exhibits
Worked examples, checklists and case studies included with this study.
Unitranche vs Syndicated Comparison
Unitranche vs. broadly syndicated loans vs. 1L/2L: pricing, terms, certainty, cost
Worked Example Direct Lending Loan Economics
SOFR + spread, floor, OID, call protection, yield-to-3-year, prepayment scenarios, lender return stack
Bdcs Nav Lending and Asset Based Finance Primer
BDC mechanics and ROE math, NAV lending to PE funds, asset-based finance, insurance-led credit