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Investment Opportunities in Corporate Direct Lending

Investment Opportunities in Corporate Direct Lending

Stephen W. Nesbitt, Jonathan Bock, Roger Cheng

ISBN: 978-1-119-50116-9

Jan 2019

320 pages


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The search for yield is the dominant investor megatrend today. Most fixed income instruments offer little to no yield thanks to central bank policies that favor borrowers over lenders. However, one marketplace that has so far largely escaped low rates has been directly originated loans to mid-sized companies, also known as middle market direct lending. Traditionally a function of commercial banks, onerous Dodd-Frank bank regulation has created the opportunity for non-bank lenders, mostly private asset managers, to replace banks as corporate lenders, disintermediating banks.

This book provides the reader with a full accounting of direct lending as an asset class, including descriptions of loan types; historical yield, return and potential risks; various vehicles for investing in loans, including the popular Business Development Company (BDC) structure; how best to build a portfolio of direct loans; and where direct loans fit within a total portfolio.

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