In a global economy increasingly fuelled by credit, the market for private debt has emerged as a new frontier for yield-hungry investors. The close bilateral relationships that are a feature of this market offer unique opportunities for both borrowers and lenders.

But the growing investor base and the broad distribution of private loans across lending platforms makes it difficult to assess the level of risk and — more importantly — who ultimately holds it.

The worldwide market for private debt — specifically direct lending — has grown tenfold in the past decade.

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