To select a private debt manager, investors must perform due diligence on a variety of factors.

Thanks to consistent repayments since the credit crisis, direct loans have an effective life of less than three years.

Cliffwater’s analysis of risk premiums across asset classes shows a broad range of returns above Treasurys.

The recent pick-up of senior lending coincides with new private credit providers entering the market.

The share of financings with a covenant requiring a management meeting rose last year.

The share of loans with free and clear grower components climbed to a record high in the three months through May 2019.

The vast majority of “most-favored nation” provisions in loan agreements are gone after 12-18 months.

Lender protection, as measured by composite documentation scores, continues to weaken.

Two-thirds of all middle market LBOs are being financed by direct lenders, from zero in 2013.