The Unicrunch — Top funds cash in, junior debt has a moment, smaller funds struggle
- David Brooke
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.
Brand names
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.