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Private Debt


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Table of Contents

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

About the Author

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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