Introduction ix
Acknowledgments xii
CHAPTER 1 Overview of US Middle Market Corporate Direct Lending 1
CHAPTER 2 The Historical Performance of US Middle Market Direct Loans 9
CHAPTER 3 Performance Comparisons to Other Asset Classes 21
CHAPTER 4 Current Yield or Yield to Maturity? 29
CHAPTER 5 Comparative Credit Loss Rates 35
CHAPTER 6 How Liquid Are Direct Loans? 37
CHAPTER 7 Credit as a Separate Asset Class 41
CHAPTER 8 Loans and the Theory of Credit 53
CHAPTER 9 Risk Premiums in US Middle Market Lending 71
CHAPTER 10 Covenants and the Loan Agreement 79
CHAPTER 11 Should Direct Loan Portfolios Be Leveraged? 83
CHAPTER 12 Business Development Companies 91
CHAPTER 13 Selecting Direct Lending Managers 105
CHAPTER 14 Loan Valuation 125
CHAPTER 15 Investment Fees 131
CHAPTER 16 Direct Lending and J-curve Mitigation 139
CHAPTER 17 Portfolio Construction 143
CHAPTER 18 Expected Returns and Risks from Direct Lending 153
CHAPTER 19 Asset Allocation 163
CHAPTER 20 European Middle Market Direct Lending 167
CHAPTER 21 The Borrower’s Perspective 175
CHAPTER 22 Other Private Debt Opportunities 181
Conclusion 219
Glossary 221
List of Exhibits 231
Index 235
STEPHEN L. NESBITT is Chief Executive Officer and Chief Investment Officer of Cliffwater LLC, an investment advisory firm specializing in alternative investments including hedge funds, private equity, real estate, and infrastructure. Prior to forming Cliffwater in 2004, Steve was head of investment consulting at Wilshire Associates.
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