The trend strengthening the hand of big credit houses
Weak creditor protection in deals gives advantage to those with the resources to examine documentation
Related reading
There is a data deal to be done by banking incumbents and upstarts
Customer information is either a private asset or a public good
We must be mindful of the risks of private credit
The sector remains untested in a severe or prolonged economic downturn
Private credit firms pile into consumer debt as risk-taking mounts
Growth raises concerns about underwriting and risk management at fast-expanding groups
Short rates have overshot
Plus the social media lawsuits
KKR recut terms with big backers to hand rich investors larger share of deals
Flood of money into evergreen vehicles has meant 7.5% share carved out in fund terms no longer sufficient
Separating the signal from the noise in private credit
What matters most is how capital was deployed and underwritten