The Pulse of Private Equity – 4/3/2023

“Newcomers” to private debt


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The private debt market is attracting a lot of new players. New, but not “new” new: If Apollo raises a debut fund in a new strategy, should that fund count as a “first-time fund”? They might be considered newcomers to private debt, for example, but LPs know who they are. They’re not first-time managers in the true sense of the word.