The Unicrunch is our US private credit newsletter, in which we break down everything from unitranches to ABL lending. Sign up for the inside track on this fast-growing market.

All the pretty forces

In the world of modern financial markets, it’s easy to forget that private credit — and indeed credit in general — is at its heart a simple concept: lending money in order to receive it back at a later date, and charging interest.

There is a dizzying array of applications for this simple concept, however. The private credit universe is expanding into niche areas, like asset-based loan strategies, venture lending, and royalty and litigation financing. Some of these can generate double-digit returns, even on an unlevered basis.