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The Insight: Conversations – Performing Credit Quarterly 1Q2023

The Memo by Howard Marks

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The Evolution of the Direct Lending Market

Before the global financial crisis, the direct lending market was about $250 billion in total. Today, it's approaching one and a half trillion dollars. The largest and best well diversified firms will be the beneficiary of that growth. Howard: "The beneficiaries are again, the biggest and best and most conservative balanced investment managers"

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