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White Papers

Direct Loan Origination: A Superior Alternative in Lower Middle Market Credit

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.

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All white papers posted were created by the listed authors who are solely responsible for the research, finding and all materials contained therein. Pensions & Investments has not verified or edited the materials (other than for length and style) and does not necessarily agree or disagree with the analysis and positions expressed by the authors. Reference to any company, product or service does not imply recommendation or sponsorship by Pensions & Investments.

For more information on submitting a white paper, please contact Richard Scanlon at rscanlon@pionline.com or 212-210-0157.