Commentary
A Market in Full (Third of a Series)
We report (in person!) this week from the SuperReturn Private Credit conference in Chicago, where we chaired day one, moderated…
Read MoreA Market in Full (Second of a Series)
News reached us recently of a young walrus that had wandered south from his Arctic range in search of ice…
Read MoreA Market in Full (First of a Series)
Of the many unanticipated consequences of Covid, one that caught our eye was the recent NYT headline: “Birds Thrived During…
Read MoreSupply Chain Blues (Last of a Series)
Last fall, the Harvard Business Review examined Covid’s impact on supply chains [link]. The pandemic, they wrote, “exposed vulnerabilities in…
Read MoreSupply Chain Blues (Fourth of a Series)
Even in the ordinary course of business, private equity sponsors pay ruthless attention to the cost structures of their portfolio…
Read MoreSupply Chain Blues (Third of a Series)
Before Covid the persistent view on private credit was too much capital was chasing too few deals. Transaction inflation caused…
Read MoreSupply Chain Blues (Second of a Series)
Over the past 18 months it’s been fascinating to watch the divergent, often contradictory economic narratives in headlines and data.…
Read MoreSupply Chain Blues (First of a Series)
We’ve all been there. You try to re-order your favorite beverage, sneaker, exercise bike, or cleaning product, and it’s out…
Read More“$2 Billion is the New $1 Billion”: Unitranche Revisited (Last of a Series)
In a recent conversation with a good friend in private credit, a veteran of the industry for many years, he…
Read More“$2 Billion is the New $1 Billion”: Unitranche Revisited (Second of a Series)
According to Refinitiv LPC, US unitranche volume came to almost $22 billion last quarter – the highest level they’ve tracked…
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