The most common question we get from investors today is whether direct lending and high yield investments continue to produce the risk adjusted returns at this stage of the cycle. Given the length of the cycle and the amount of capital invested, selectivity is of utmost importance. In this paper, we discuss why the best opportunities for yield today likely exist in directly originated private credit opportunities in the lower middle market (i.e., companies with less than $50 million of EBITDA) where lenders can be selective and secure the appropriate covenants and protections in relation to the risk.view more white papers
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