Direct lending vs private credit. Jan 9, 2025 · Public vs.

Direct lending vs private credit Depending on credit quality, private credit spreads tend to be 200 basis points (bps) to 600 bps higher than public markets (Figure 2). There are two primary types of direct lending strategies, which are focused on lending to Sep 4, 2024 · Sources: IMF, Fast-Growing $2 Trillion Private Credit Market Warrants Closer Watch (April 2024), KBRA, DLD Monthly Insights & Outlook U. This type of arrangement can remove barriers to funding for businesses while creating opportunities for investors, as a type of alternative investment . Sep 5, 2024 · underwritten by banks but widely distributed across various institutional investors, while direct lenders, such as credit-focused private or public funds, make loans directly to borrowers without any intermediation from banks. Unsurprisingly, within direct lending we can further differentiate the market based on company size with lower, core, and upper middle market businesses offering a wide range of risk profiles. Oct 23, 2023 · As private credit has grown, direct loans from private lenders have become a fixture in corporate financing. The difference between private equity and private credit is private equity is equity ownership of a company, without the stock market, and private credit often refers to direct lending to small or middle-market companies that cannot or choose not to tap into public credit markets to finance their Sep 27, 2024 · More than Direct Lending: Diverse Private Markets The private credit market offers a wealth of investments that extend well beyond direct lending-there are as many as 30 subsectors, depending on Interest rates are high, and bank failures are causing banks to tighten lending standards, creating a surge in demand for private credit. Historically, private equity funds typically met liquidity needs via so-called subscription lines, which were backed by committed yet uncalled capital from LPs. [2] May 18, 2024 · Also referred to as direct lending, private credit allows borrowers (typically smaller to mid-sized businesses) to seek financing through avenues other than a standard bank loan. Direct lending, arguably the fastest-growing form of private What is private credit? — Private credit is an alternative asset class spanning several types of debt that is less liquid than traditional fixed income. Jul 6, 2023 · Long-time broadly syndicated loan issuer Melissa & Doug in early April opted for a direct lending solution to extend an existing term loan. You will sometimes see private debt and private credit used interchangeably. Private credit, or private lending, is a form of lending outside of the traditional banking system, and direct lending is one of its forms. Direct lending, the leveraged loan segment of the private credit market, is the fastest-growing component and offers an attractive risk-return profile with strong debt "Private credit" can also be referred to as "direct lending" or "private lending". At PitchBook, we define private credit, or direct lending, as directly originated loans to corporate borrowers that are not broadly syndicated. Dividing an asset class into pieces is nothing new: large vs. I’ve used this image before, but this graph from Marquette Associates sums up various credit fields quite well: Direct Lending vs. Dec 5, 2024 · There are several ways to categorize private credit. Private loans are typically directly Mar 10, 2023 · Looking ahead: a new space for private credit markets The macroeconomic environment heading into 2023 may also create some challenges for the private credit sector: The recent increases in interest rates naturally dampens the desire for higher-leverage deals as borrowers face a less benign environment for servicing their interest, in particular, private debt typically uses floating interest Jan 31, 2024 · 1) Divergence is the keyword for 2024 among private credit portfolios. Direct lending, like private debt in general, has grown significantly since the Global Financial Crisis of 2007−2008. For example, direct lending is: %PDF-1. Jan 9, 2025 · Public vs. Private credit is non-publicly traded debt, directly negotiated with non-bank entities (e. Jul 2, 2024 · Segmenting direct lending. However, on the negative side, higher Jul 28, 2020 · Direct lending is by far the most popular strategy in the approximately $850 billion private credit asset class, though special situations and distressed strategies are picking up steam amid the Direct lending is a form of corporate debt provision in which lenders other than banks make loans to companies without intermediaries such as an investment bank, a broker or a private equity firm. In direct lending, the borrowers are usually smaller or mid-sized companies, also called mid-market or small and medium enterprises , rather than Jan 8, 2023 · Is direct lending the same as private debt? In a direct lending agreement, an asset manager sells the loan to many different investors. WHAT IS PRIVATE CREDIT? Private Credit Investing Basics. Direct lending provides credit to non-investment-grade companies. g. Relative to direct lending, the business of lending to investment managers and fund investors is a more recent opportunity for private credit funds. Feb 19, 2021 · But for direct lending specifically - I'll have some great content - I think I'll have all said and done the #1 largest Direct Lending comps database (yes, more than LCD, LFI, & DLD Databases), w/ hyperlinks to public credit agreements to leverage for this, which I've sourced creatively through guess & check + other means. Jun 30, 2024 · Private credit figures include invested capital and dry powder; *2023 data in charts for private credit as of 30 September 2023. 9%, similar to that of high yield bonds but it delivered better performance due to higher starting yield premiums. Experienced Lending Team with Advantage of Scale Experienced Team. Understanding the key characteristics of both will better enable them to choose the best fit for their plan. A loan directly negotiated with a corporate issuer that is usually senior in Oct 1, 2023 · Private credit is an asset class that focuses on nonbank lending, including to small- and mid-sized companies who need access to capital. In this paper, we will discuss: The Rise of Direct Lending Direct Lending Features Valuation Considerations for Private Creditamong other key topics related to private credit valuation. , direct lending assets under direct lending: benefits, risks and opportunities Dec 10, 2024 · U. Private. Below are a few examples, along with their definitions. e. With private equity, an investor can buy a portion of a company directly from existing owners. Private debt/credit is non-bank lending where the debt is not issued or traded on the public markets. From the lender’s perspective, leveraged lending guidelines in the wake of the global financial crisis of 2007-2008 led banks to reduce their exposures to risky credits, which provided opportunities for nonbank financial institutions to expand their footprints A Focus on Valuation: Private Credit vs. In the context of private lending, we often hear such terms as private credit and direct lending. Private credit strategies such as private direct lending funds and public business development companies have become popular among pension plan sponsors seeking yield enhancement over their public fixed income allocations. Direct Lending Structure . Incorporating both infrastructure debt and direct lending into a private credit portfolio can allow investors to strike a balance between high yields and stability. High Yield Bonds (HY) Broadly Syndicated Loans (BSL) Direct Lending. Credit is a contract (often, a loan) that a borrower repays a lender with interest. Direct Lending Direct lending is a type of private credit in which the lender provides financing directly to a corporate borrower in a recourse format. Asset-based private credit is the private version of what the Asset-Backed Securities (ABS) market is to the more liquid fixed income markets. I am a first yr at M7 MBA. Direct lenders predominantly provide loans to companies purchased by private equity funds (“sponsors"), but there is a larger universe of private credit opportunities beyond private equity dealmaking. This approach has gained considerable traction, especially among middle-market companies, as traditional banks have tightened lending criteria in response to operating company. From another thread that summarizes it pretty well: "The primary difference is regulatory, driven by the different sources of capital. 4 %âãÏÓ 266 0 obj > endobj xref 266 61 0000000016 00000 n 0000002274 00000 n 0000002433 00000 n 0000005025 00000 n 0000005489 00000 n 0000005539 00000 n 0000005653 00000 n 0000005750 00000 n 0000006193 00000 n 0000006750 00000 n 0000007421 00000 n 0000007864 00000 n 0000008307 00000 n 0000008817 00000 n 0000008929 00000 n 0000009014 00000 n 0000009451 00000 n 0000009978 00000 n Feb 2, 2024 · Private credit (also known as direct lending) is generally defined as lending by non-bank financial institutions—including private equity firms and alternative asset managers—most often to Jan 29, 2021 · Skillset is very similar (credit is credit). Within the private debt universe, there are different strategies with varying risk/return profiles. The private debt market has grown tenfold in the past decade, with assets under management of funds primarily involved in direct lending surging to $412 billion at end-2020—spurred in part by investors’ search for higher yield. Apr 17, 2024 · A recent private credit primer from the Fed cited KBRA data that showed loan valuations in direct lending, syndicated loans and high yield in the lead-up to a default/recovery negotiation. Oct 28, 2022 · Rookie mistake today. Estimations of the global private credit industry's size vary; as of April 2024, the International Monetary Fund claims it is just over $2 trillion, [1] while JPMorgan claims it to be $3. . PGIM is the $1. Exhibit 2: Private Credit Fund Dry Powder Has Ris en Oct 2, 2024 · Now, we extend our analysis and compare two private credit asset classes – infrastructure debt and direct lending – and examine why each may play a role in a broader portfolio. After a year of record-breaking volumes of direct lending to middle-market firms, private credit looks likely to achieve double-digit growth again in 2024. 2 But now, direct lending is the dominant strategy; according to Preqin data, it has reached ~US$800 billion in AUM, or about half of all private credit investments. Direct lending, a type of private credit, is the term used to describe privately negotiated, direct loans. Direct lending loans are primarily first lien, senior secured floating-rate loans but can also be second lien, revolvers, or accordion/delayed-draw facilities. There are many factors to consider when comparing direct lending vs BSL. While private credit direct lending has generally benefited from a benign environment over the last decade, sustained elevated interest rates over the past year and a half have hampered cash flow for over-leveraged portfolio companies and those with weak business models or Sep 10, 2024 · Private credit encompasses a broad category of non-publicly traded debt and credit instruments. 30. In a private debt arrangement, a single investment bank funds the loan. In this capacity, Amanda leads original market research across a range of asset classes, including global corporate debt markets as well as private debt, real estate and infrastructure lending. 7 trillion in total loans outstanding. The rise of direct lending. Over 33% of private debt assets raised through 1H 2022 were for direct lending, representing the largest sub-strategy by capital inflows. Jul 2, 2021 · Allison Lam: PGIM Private Capital is a private credit unit of PGIM. Public Credit INTRODUCTION . Direct lending may provide investors with higher returns and lower volatility versus traditional fixed income investments, and may offer an attractive option for investors who are able to bear the associated illiquidity and other risks. Liquid, publicly . Direct lending, arguably the fastest-growing form of private May 2, 2024 · Direct lending funds had a higher internal rate of return than mezzanine and distressed debt private credit funds across most time frames for periods ended Sept. Call protection: Private junior debt has more significant call protection than senior debt. More recently this rate of growth has slowed, as credit lending fundraising plummeted amid market volatility and interest rate hikes (see Exhibit 1 below) 1. Exhibit 1: Direct lending is a growing component of the global leveraged finance market. We advise the most active lenders, funds, credit platforms, and investment managers, as well as borrowers, in the full range of transactions — from the middle market to large-cap. Direct lending involves non-bank institutions — such as private credit funds, insurance companies, or asset managers — providing loans directly to businesses without intermediaries. In the U. Oct 2, 2024 · Now, we extend our analysis and compare two private credit asset classes – infrastructure debt and direct lending – and examine why each may play a role in a broader portfolio. Direct loans, in particular, have seen increasing interest from insurers. Direct lending provides loans to private, below-investment-grade companies, filling a crucial financial market gap Feb 9, 2024 · Private credit vs private debt. Direct lending loans are provided by "non-bank" lenders, such as institutional investors. Terms are highly structured/bespoke, risk is (typically) higher, products are less liquid. 4 trillion global investment management firm backed by Prudential. Despite this status, direct lending may be the least risky of all lending strategies, as it typically holds priority (“senior”) status (meaning it gets repaid first before all other debts). May 24, 2024 · Private credit vs private equity Private credit refers to non-traditional loan arrangements. Oftentimes private debt funds want to be the only lenders. Jun 28, 2023 · Private credit funds have already contributed significantly to financing leveraged buyouts exceeding $1 billion. household debt including personal loans, student loans, and credit card receivables. The increased institutional acceptance of private credit can also be seen in the increase in dry powder and fund formation (Exhibit 2). Direct lending loans are floating rate, which have limited interest rate risk and help to protect a portfolio from rising rates. It is notable, however, that the count of BSL-financed buyouts rose to the highest level since Q2 2022, at 18 deals, while those placed with direct lenders Investing in private credit and/or private equity could help enhance returns in your portfolio. emerging markets . Sep 26, 2024 · The Growth of Private Credit—and Direct Lending—in Context As banks have gradually retreated from middle-market lending, and public capital markets have skewed larger and exhibited volatility, private credit has stepped in to fill the void. This overview focuses on private lending, or direct lending, which is the largest of these markets. In direct lending, a general partner (GP) finances a private equity manager’s buyouts and company expansions. Private Debt. We think the facts say otherwise. Direct lending is generally referring to the large unitranche issuers (think goblub or ares), and is part of the larger private credit market. Said finds debt's focus on downside protection appealing, which as per him means developing a more through understanding of the lending / debt documents. This market offers more liquidity to the credit market, as well as more transparency. I sit on both the underwriting and origination desks. We believe aggregate growth in the credit markets is less about competition for the same assets and more about which market is best positioned to meet the Nov 14, 2024 · To fill the gap, private direct lending emerged with independent asset managers funded by capital from institutional investors, replacing banks as providers of secured first-lien commercial loans. Apr 9, 2024 · Direct lending is the largest component of the private credit market today and represents ~46% of total private credit assets. Direct lending strategies may be appealing as they invest in the senior-most part of a company’s capital structure, which may provide steady current income with relatively lower risk. Direct Lending (Senior Corporate Debt) Direct lending is an area of private credit that most closely resembles the public markets— namely the broadly syndicated loan and high yield markets. small market capitalization, growth vs. These divisions have helped investors understand common characteristics, risks and opportunities for investing across asset classes for years. You'd be correct in thinking that banks already do this but Private debt kind of takes the commercial lending banks do and adds flexibility, exclusivity and liquidity (for investors). Oct 2, 2024 · Based on count, private credit-financed LBOs still exceed syndicated loan LBOs, which is unsurprising given the typically smaller size of borrowers tapping the direct lending market. Direct lending continues to have a key role in servicing corporates Sep 10, 2024 · Private credit encompasses a broad category of non-publicly traded debt and credit instruments. Tbh, a bit of a unique role at the junior level. Debt financing needs could grow in the coming years because middle-market companies face a significant maturity wall and private equity sponsors may drive deal activity with the sizable store of capital they have on hand. Overall Market Size: $4. Distressed debt Enhanced returns: Private junior debt also offers a meaningful yield pick-up of 300-400 bps relative to syndicated senior debt and 200-300 bps relative to senior direct lending. You're too junior to manage the big sellside DCM relationships (Jefferies, Blair, etc) but your origination desk needs to continue finding deal flow in hard-to-find places and your 55-year-old origination partner doesn't have time or interest in smaller deals that A Focus on Valuation: Private Credit vs. 14 trillion. It is a subset of "alternative credit". The rise of private credit began after the Global Financial Crisis era, as regulatory regime shifts pushed banks to retrench away from private lending and toward syndicated financing. Wanted some opinions on peoples thoughts on investing in the space, specifically in direct lending through perpetual BDC's (not publicly traded as want to avoid public market volatility). Aug 23, 2023 · Direct lending refers to privately negotiated loans or credit (oftentimes senior in the capital structure) made by non-bank lenders to privately-owned companies, many of which are backed by private equity sponsors looking to finance an acquisition. The direct lending market represented 72% of financings in 2022 relative to 28% of the syndicated market, which expands the addressable market for private credit managers and allows them to build increasingly diversified In general, the private market has grown since the Dodd-Frank Act of 2010, given the cost and requirements of being a public company. Nowhere is this more apparent than in leveraged buyouts, once the almost exclusive Oct 25, 2024 · DIRECT LENDING IS EXPANDING RAPIDLY. Rather, it is regarded as an established asset class that has lived outside the mainstream media limelight and represented a longer-term opportunity for investors. Sep 24, 2024 · Private credit’s growth to date has been largely concentrated in direct lending, a strategy fueled by the twin tailwinds of banks’ retrenchment from leveraged lending and private equity’s (PE) rapid expansion. full-year 2023 when 4Q23 direct lending data is released. Also known as private debt, direct lending, or private lending, the funding that private credit managers provide to UK businesses is becoming more and more vital. Banks hold deposits, so risk-taking is restricted in a number of ways in order to protect depositors. Asked him, why he chose to go into PC. Learn more about these alternative investments. However, an important distinction is that private credit is just one type of private debt. In unstable market scenarios, the capacity for a swift exit or position reduction is invaluable. The direct loan market is often cited to be $1. How to Invest With Direct Mar 15, 2023 · This period peaked in 2021 due to historic levels of private equity deal flow and the unique ability of direct lenders to meet the needs of financial sponsors. , loans to companies and assets that are owned by founders, family offices and smaller publicly traded companies). Amanda Lynam, CPA, is Head of Macro Credit Research within the Portfolio Management Group - Private Debt. Sep 15, 2022 · Lenders have long tried to size the private credit market, recently settling on “approximately $1 trillion. So we're a large global organization, 200 investment professionals across 15 offices, and we've been investing in the private debt markets for over 75 years, managing third party institutional capital since 1976. In comparison, credit Private lending (hence the name) so all off-market. According to the Alternative Credit Council, around 2,000 firms in the UK are, in total, receiving an estimated £100 billion from these managers. Jul 11, 2022 · Private debt and private credit are fairly interchangeable. bank syndicated loan solutions, with direct loans accounting for 70% of the sponsored middle market and continuing to make inroads into the large corporate market. Private credit refers to privately negotiated loans between a borrower and a non-bank lender. Direct lending, otherwise known as unitranche loans or private credit, is typically a senior term loan but one that may also include revolving credit lines and second lien loans, the latter being subordinated loans to the most senior (first lien). Aug 24, 2023 · Private credit (also known as direct lending) has certain distinct characteristics that enable it to be a strong value proposition compared to public credit for market participants looking to incur loans. value, or developed vs. Private Credit Performance, June 30, 2013, to June 30, 2024 Why Private Direct Lending Is an Attractive Alternative to Public Securities. Download It’s worth understanding the two main types of private credit available—sponsored and non-sponsored—and their characteristics and potential benefits because exposure to both can maximize the worth detailing prior to an examination of the space as a whole. fixed coupon that are rated by agencies and syndicated through banks Liquid, publicly Private credit direct lending experienced a credit loss of 6. Direct lending will provide stability and a ballast to the portfolio. Keep reading to learn more! Key Takeaways. In our experience, private junior debt deals have expected multiples of Jul 19, 2024 · Private credit vs direct lending vs other forms of lending. 2023 data for broadly syndicated loans as of 31 December 2023. Jun 2, 2023 · Private credit is a big house, and the direct lending sector is only one room inside. Direct lending, arguably the fastest-growing form of private Latham’s global direct lending and private debt practice draws on a long history of innovation and experience. Some investors worry growth is out of control, and that companies of questionable quality are taking on too much debt. Private credit direct loans are provided by nonbank lenders, often on a bilateral basis or in a small club deal, to borrowers directly Dec 4, 2023 · Direct lending has the biggest potential for conflict between private credit purveyors and money-center banks. Private credit vs bank lending Aug 22, 2019 · DL senior associate here. In the private markets, direct lending strategies typically provide capital directly to companies without a traditional financial intermediary, such as an investment bank. Oct 5, 2023 · Private Credit Proxy Index represented by the Cliffwater Direct Lending Index. Direct lending . “Satellite” opportunities. S. Private equity, on the other hand, is a term for investments made in a private company outside of the public stock market. Private credit and public credit are often viewed as similar asset classes, yet they have distinct characteristics and . Over the 12 months ending March 2024, only 17 borrowers in KBRA’s direct lending sample defaulted (or had implied recoveries), 5 compared to 76 syndicated Sep 26, 2024 · The Growth of Private Credit—and Direct Lending—in Context As banks have gradually retreated from middle-market lending, and public capital markets have skewed larger and exhibited volatility, private credit has stepped in to fill the void. In fact, a portfolio that is not heavily skewed towards one or the other type of company is seen as an attractive attribute. Dec 31, 2022 · In addition to the lower risk and higher recovery rates, private markets continue to gain share of private equity financings. The Advantages of Direct Lending: Understanding the differences between private credit and public credit is crucial when valuing these securities. Making the case for direct lending private credit While it may feel like direct lending has recently burst onto the investing scene, this is not a new asset class. May 13, 2021 · Direct lending may generate attractive returns with less downside risk and mark-to-market volatility than more liquid credit strategies like broadly syndicated loans. Conversely, the MM is comprised of smaller, more private firms that offer direct origination. Two weeks before that, the company, a toymaker, brought to the BSL market a transaction to push out the maturity of its $260 million first-lien term loan by two years, to June 2026. Broadly Syndicated Loans versus Private Credit Direct lending should be considered one element of a well-diversified private credit portfolio that may also include strategies like credit opportunities and specialty finance. How does its size compare to public markets? Jun 20, 2024 · Direct Lending: Direct lending strategies provide credit primarily to private, non-investment-grade companies. , direct lenders) to fund private businesses. Sponsored Deals (March 2024), Private Debt Investor, US BSL and US HY market size estimates as at 4Q23. First, direct lending refers to loans made to private businesses, which typically represent secured, first lien or unitranche debt at the most senior level of a company’s capital structure. Direct lending execution also remained in favor vs. Major types include: Asset Backed Lending, Senior Secured, Mezzanine Funds, Distressed Debt, and Special Situations—such as bridge loans. Nov 10, 2023 · This article will explain what private credit and direct lending are, as well as the differences between them, before highlighting major examples of private credit adoption in crypto including DeFi, outline the benefits of distributed ledger technology for private credit, and finally, discuss how you can get involved in direct lending in crypto Apr 5, 2024 · But it’s not all bad news for the sell-side banks that have traditionally dominated the commercial lending market. Despite the drop in deal Nov 25, 2024 · Investing in private credit involves making a loan, while private equity investors acquire stakes in nonpublic companies. These terms are often used interchangeably, but private debt is broader and includes direct loans, mezzanine, and forms of distressed debt. ” Direct Lending Deals (“DLD”) may have deconstructed this number best, identifying roughly $100 billion in MM CLOs, $200 billion in BDC AUM, $86 billion in public pension fund assets and $230 billion in direct lending funds. Leading credit groups, such as Apollo, Ares, and Blackstone, have made record-breaking direct loans to prominent players like Carlyle, signaling the expanding reach of direct lending. 8% of all private credit capital. Apr 17, 2018 · Unlike some non-bank private debt funds, other fund managers are happy to contemplate lending to companies that are owned or controlled by a private equity sponsor, as well as those that are not. differences resulting in unique valuation considerations. Public. As institutional acceptance of private credit rises, so do allocations to this asset class. Private credit fund lockup periods can be both an asset and a liability. It's more akin to Private Equity, except with a debt-based (fixed) return vs an equity one. Direct lending represents the largest category in private credit, at 44% of AUM, and refers to financing that is directly negotiated between a lender (often an alternative asset manager) and a borrower (usually a small-to-mid-sized company). Jan 14, 2020 · allocation to private credit sits in a broader portfolio context . II. These companies range from medium-sized to large corporates and are often backed by private equity firms (sponsors). Moving out of a recession and into a recovery phase, the fixed rate nature of coupons has helped Feb 23, 2024 · Figure 6 shows that the average loan spread declined in recent years before rising again in 2022, following the Fed's rate hike cycle. They also often buy debt of PE backed firms to enable them to do LBOs. Was speaking with an alum in private credit. Private credit managers used to focus on boutique strategies, such as distressed debt. We typically segment the Apr 27, 2023 · Understanding private credit and when it is used. Direct lending accounts for 31. Distressed debt Don't see many discussions on private credit and direct lending. Private debt also deals with a much wider range of financing, such as distressed debt and mezzanine financing. 3. Direct lending occurs when private credit funds extend loans directly to businesses or borrowers. The same supply and demand dynamics that defined the early periods of private credit (where banks just pulled up the shutters) are playing out now in the non-sponsored part of the market (i. Comparing private credit loan spread with spreads observed in institutional Term Loan B in the leveraged loan market, we observe that the spread on private credit loans is generally higher, and the gap in spreads between the two types of loans declined in Apr 5, 2024 · Direct lending is a big part of private credit, offering many options for investors. traded securities with a . Although sometimes structuring can include warrants and equity kickers and such-like. 7 Trillion. Direct lending, the largest sub-strategy within private credit, entails providing a loan to a company in a privately negotiated transaction. 3 The significant growth in direct lending and its mainstream adoption by corporate borrowers Lending privately. This article will explain the differences between direct lending and private credit and their benefits. Apr 23, 2024 · Direct lending has captured headlines as the fast-growing upstart of the leveraged finance world. Direct Aug 23, 2022 · The BSL market is comprised of larger loans with public ratings. Direct lending. consumer lending: Consumer lending outside of residential mortgages represents a sizable opportunity, with over $17 trillion in U. They have flexible amortization profiles and final maturities that the bespoke nature of direct lending deals, returns are normally not highly correlated with those of public debt and equity markets. Despite higher interest rates, household balance sheets remain strong, with debt-to-income ratios declining in recent years Recently Centerbridge Partners and Wells Fargo entered into a strategic relationship focused on direct lending to non-sponsor North American middle market companies, Société Générale and Brookfield Asset Management have partnered to create a private investment grade debt fund targeting a total of EUR 10 billion, and AGL Credit Management A Focus on Valuation: Private Credit vs. With an average of 19 years experience among our senior team, Adams Street’s Private Credit team has successfully invested more than $10 billion in private equity-backed middle-market transactions across various cycles. wass qykqlf nrzcrt edrhdxb clhukf fgdp imyum oqlar rwv dtoqahv