Private Debt : Opportunities in Corporate Direct Lending.

Cover -- Title Page -- Copyright -- Contents -- Introduction -- Acknowledgments -- Chapter 1 Overview of US Middle Market Corporate Direct Lending -- The Rise of Nonbank Lending -- Direct Lending Investors -- Direct Lending Illustration -- Chapter 2 The Historical Performance of US Middle Market Direct Loans -- The Cliffwater Direct Lending Index (CDLI) -- US Middle Market Direct Loan Performance -- Yield on Direct Loans -- Net Gains (Losses) -- Net Realized Gains (Losses) -- Net Unrealized Gains (Losses) -- Total Return -- Chapter 3 Performance Comparisons to Other Asset Classes -- Return -- Risk and Maximum Drawdown -- Chapter 4 Current Yield or Yield to Maturity? -- Current Yield -- Yield-to-Three-Year Takeout -- Chapter 5 Comparative Credit Loss Rates -- Chapter 6 How Liquid Are Direct Loans? -- Chapter 7 Credit as a Separate Asset Class -- What is an Asset Class? -- Credit and Asset Allocation -- Private Credit Opportunities -- Chapter 8 Loans and the Theory of Credit -- The Merton Model -- Volatility -- Risk-Free Rate -- Time to Maturity -- Estimating Loan Risk -- Estimating Loan Portfolio Risk -- Testing the Merton Model -- Merton Model with Covenants -- Chapter 9 Risk Premiums in US Middle Market Lending -- Methodology -- Chapter 10 Covenants and the Loan Agreement -- Chapter 11 Should Direct Loan Portfolios Be Leveraged? -- Simulated Direct Loan Portfolios with Leverage -- Determinants of Financing Costs -- Chapter 12 Business Development Companies -- What is a BDC? -- BDC Industry Statistics -- Private BDCs -- Publicly Traded BDCs -- BDC Market Indices -- BDCs - A Tale of Two Markets -- BDC Dividend Yield -- BDC Total Return -- Chapter 13 Selecting Direct Lending Managers -- Selection Matters -- Manager Direct Loan Yield -- Credit Losses Across Direct Lenders -- Total Return -- Direct Lending Managers -- Organization.

Investment Strategy -- Origination -- Underwriting -- Loan Construction and Monitoring -- Workout -- Portfolio Construction -- Leverage Financing -- Fees and Expenses -- Track Record -- Chapter 14 Loan Valuation -- Chapter 15 Investment Fees -- Direct Lending Fee Structures -- Combined Fees for Direct Lenders -- Manager Style and Fees -- Comparisons to Private Equity -- Comparisons to BDCs -- Fees and Alpha -- Chapter 16 Direct Lending and J-curve Mitigation -- Chapter 17 Portfolio Construction -- Direct Lending Benchmarks -- The Importance of a Benchmark -- The CDLI as a Private Debt Benchmark -- Diversification -- Chapter 18 Expected Returns and Risks from Direct Lending -- Expected Return -- Expected Risks -- Chapter 19 Asset Allocation -- Chapter 20 European Middle Market Direct Lending -- Key Characteristics of the European Direct Lending Market -- Evolution of the European Direct Lending Market -- Capital Structure of European Direct Loans -- Risk Factors -- Chapter 21 The Borrower's Perspective -- US Borrowers -- European Borrowers -- Chapter 22 Other Private Debt Opportunities -- Real Estate Debt -- Market Size and Structure -- Expected Return and Risk -- Investment Strategies -- Mezzanine Debt -- Market Size and Structure -- Expected Return and Risk -- Investment Strategies -- Collaterized Loan Obligations (CLOs) -- Leveraged Loans -- CLO Structure -- CLO Economics -- CLO Mechanics -- CLO Collateral Manager -- Asset-Based Lending -- Market Size and Structure -- Expected Return and Risk -- Investment Strategies -- Infrastructure Debt -- Market Size and Structure -- Expected Return and Risk -- Investment Strategies -- Consumer/Marketplace Lending -- Market Size and Structure -- Expected Return and Risk -- Investment Strategies -- Royalties -- Market Size and Structure -- Expected Return and Risk -- Investment Strategies -- Venture Debt.

Market Size and Structure -- Expected Risk and Return -- Investment Strategies -- Rescue Financing -- Market Size and Structure -- Expected Return and Risk -- Investment Strategies -- Reinsurance -- Market Size and Structure -- Expected Return and Risk -- Investment Strategies -- Litigation Finance -- Market Size and Structure -- Expected Return and Risk -- Investment Strategies -- Conclusion -- Glossary -- List of Exhibits -- Index -- EULA.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.