Private Debt

STEPHEN L. NESBITT is Chief Executive Officer and Chief Investment Officer of Cliffwater LLC, an investment advisory firm specializing in alternative investments, including private debt, hedge funds, private equity, real estate, and infrastructure.

• IntroductionAcknowledgmentsAbout the AuthorChapter 1: Overview of U.S. Middle Market Corporate Direct LendingChapter 2: The Historical Performance of U.S. Middle Market Direct LoansChapter 3: Performance Comparisons to Other Asset ClassesChapter 4: Current Yield or Yield-to-Maturity?Chapter 5: Comparative Credit Loss RatesChapter 6: How Liquid Are Direct Loans?Chapter 7: Middle Market Loans as a Hedge Against Rising Interest RatesChapter 8: Credit as a Separate Asset ClassChapter 9: Senior and Unitranche Direct LendingChapter 10: Loans and the Theory of CreditChapter 11: Risk Premiums in U.S. Middle Market LendingChapter 12: Covenants and the Loan AgreementChapter 13: Should Direct Loan Portfolios Be Leveraged?Chapter 14: The Democratization of AlternativesChapter 15: Business Development Companies (BDCs)Chapter 16: Interval and Tender FundsChapter 17: Selecting Direct Lending ManagersChapter 18: Loan ValuationChapter 19: Investment FeesChapter 20: Portfolio ConstructionChapter 21: Expected Returns and Risks from Direct LendingChapter 22: Asset AllocationChapter 23: All-Weather Private DebtChapter 24: Enter SOFRChapter 25: European Middle Market Direct LendingChapter 26: The Borrower’s PerspectiveChapter 27: Enhanced LendingConclusionIndex

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