Strategies
Private Credit
Non-bank lending to private companies, spanning direct lending, mezzanine, distressed, and specialty finance strategies.
Private credit has scaled from a niche allocation to a core fixed-income substitute for many institutional portfolios. Returns are primarily income-driven, with floating-rate structures dominant in direct lending.
LP diligence focuses on credit underwriting discipline, loss history through cycles, fund-level leverage, and workout capability. The strategy is less J-curve-prone than buyout or venture, but loss rates in a true credit cycle have not been fully tested for the post-2010 wave of funds.