After years of investor skepticism over the “crowded” direct lending space, now may be an opportune time for investors to consider putting money to work in this market. Loan spreads have widened and leverage multiples have decreased in a more lender-friendly investment landscape. And, in low-yield environments, the fixed-rate element of junior or mezzanine loans can help lock in a portfolio's target yield.
But making allocation decisions can be complex. Our paper, “Think Private Credit: Opportunities today in middle market lending” illustrates the factors we consider as we incorporate these investments into an allocation strategy.
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