9Questions is our Q&A series featuring key decision-makers in the corporate credit markets — get in touch if you know who we should be talking to!

There is more to private credit than the multi-billion dollar LBO financing.

Add-ons, for instance, are very much the engine of the market. And when M&A falls into the doldrums, private credit firms can turn to existing portfolio companies to deploy capital into add-on financings — that was certainly the story of 2023.

But relief might be on its way, as a more accommodating rate environment could see higher M&A activity and therefore a chance for private credit firms to invest into new companies.

9fin spoke with Nayef Perry, head of direct credit at Hamilton Lane, to reflect on a not so easy year for private credit, but why he is optimistic for the months ahead.