Market Outlook & Opportunity Set

Secular Drivers

Bank retrenchment and sponsor demand for bespoke capital continue to expand private credit’s addressable market.

Current Themes

Higher rates, tighter credit standards, and demand for speed and certainty benefit direct lenders with strong structures.

Opportunity Set

Asset‑backed platforms and essential services offer data‑rich collateral and resilient cash flows.

Risk Priorities

Conservative advance rates, frequent reporting, and covenants tied to collateral quality and cash generation.

Positioning Through Cycles

We size exposure to cyclicality, require triggers and protections, and favor maintainable cash flows and defensible asset values.