Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a brief summary of a detailed note available to paid subscribers.
Refinancing and other non-m & a related borrowing represented 49% of private credit loans issued in the first three quarters this year compared to 35% in 2019. Banking sector and private equity pain have become private credit’s gain.
Private equity funds are kicking the can to the benefit of private credit. Longer than anticipated investment holding periods have created an acute need for capital. Portfolio companies’ maturing debts and limited attractive exit opportunities are causing private credit demand to surge.
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