More of our insights
Playbook for the great lending evolution
Cyclical and secular forces are challenging the traditional banking sector. We explore the changing lending landscape and its implications for markets and investors as private alternatives fill the void as banks retreat.
Private credit loss rates don’t support draconian headlines
Direct lending loss rates compare favorably to much of the leveraged finance market, as this week’s chart shows.
Private credit valuations proven conservative over time
Private credit investors’ realized losses have been about half that of unrealized markdowns during the past three periods of market stress.
As private credit grows, underwriting standards remain healthy
Lenders requiring more equity and less leverage, suggesting healthy private credit lending standards.
Is private credit a bubble?
Private credit has grown in both size and breadth, prompting questions around the risks of the asset class and whether it could represent a bubble. We address those concerns in this note.
