What Makes a Deal Work examines how effective direct lending balances lender income with borrower cash flow, and why simpler structures, lower leverage, and sole-lender control can produce more durable outcomes. We also introduce spread per unit of leverage as a way to distinguish yield earned through credit discipline from yield driven by risk.
Learn More What Makes a Deal Work examines how effective direct lending balances lender income with borrower cash flow, and why simpler structures, lower leverage, and sole-lender control can produce more durable outcomes. We also introduce spread per unit of leverage as a way to distinguish yield earned through credit discipline from yield driven by risk.
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With moderate leverage and resilient cash flows, lower middle market companies occupy a “sweet spot” that supports steadier performance across cycles.
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There has been a surge in media coverage suggesting artificial intelligence will “displace” traditional SaaS software companies by enabling non-technical users to build software. What is often overlooked in this narrative is that copying the surface is not the same as replacing the system. Market attention has largely centered on what’s easiest to replicate such as interfaces, workflows, and surface-level features while largely ignoring the harder, more durable layer: the embedded systems and relationship maps that manage access, collaboration, security, and visibility. As AI drives an explosion in code and autonomous agents, we believe these systems are less likely to be displaced and may, in fact, grow more valuable.
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When Quality Matters unpacks why last fall's bankruptcies and the recent AI-driven software downgrades aren't really a private credit problem; they're diligence, governance, and structure problems. It walks through the disciplines that actually protect capital: primary origination with PE-style diligence, cash-flow lending to durable businesses rather than collateral pools that need constant revalidating, and conservative first-lien structures with real covenants.
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Recent headlines suggest the private credit market is beginning to crumble; however, the asset class isn't a monolith. Look further downmarket, and a far more resilient story emerges.
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Tas Hasan, Managing Partner & COO, and Nelson Pereira, Director of Insurance Investor Partnerships at Deerpath Capital, discuss how insurers are accessing lower and middle market direct lending and the structural advantages of this growing segment of private credit.
Read More*As of 12/31/2025