Source: SPI by StepStone.
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The lower end of the middle market has generated better returns on average and does not come with significantly more left-tail risk. While larger checks have bought a tighter, more predictable band of outcomes, higher entry multiples and debt levels contribute to a higher loss ratio and less upside.
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Private Credit Defaults 101: Back to School
As Labor Day approaches, the unofficial end of summer is upon us. But, before we get too sad, there is also the familiar back-to-school energy.