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Market Wrap

The Unicrunch — Top funds cash in, junior debt has a moment, smaller funds struggle

David Brooke's avatar
  1. David Brooke
4 min read

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.

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Broadly speaking, private credit fundraising has headed in only direction since the global financial crisis: up and to the right. 

A decade of historically low interest rates fueled a market wide hunt for yield. Pension funds, insurance companies, sovereign wealth funds, foundations and a host of other LPs all sought higher returns in private markets — whether equity, credit, or real estate — because public markets didn’t pay.

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