Private credit’s long-running boom is entering a more difficult phase. For years, the asset class was marketed as one of the great post-financial-crisis success stories: a flexible, yield-rich alternative to traditional bank lending, supported by institutional demand, private wealth inflows, and the retreat of regulated banks from parts of the middle-market lending business. The pitch was powerful. Investors could earn floating-rate income, managers could originate loans directly, and borrowers...
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