(HedgeCo.Net) For more than a decade, private credit was Wall Street’s cleanest growth story: a vast pool of institutional capital stepping into the space banks retreated from after the financial crisis, lending directly to middle-market companies and private equity–backed issuers. The pitch was simple and compelling—floating-rate coupons, tighter lender control, and less mark-to-market volatility than public credit.
Now, the mood has shifted. As the rate cycle turns and refinancing windows n...
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