Intro

On why some lower middle market lending specialists like to stay investing in companies with a sub-$50m EBITDA, they like to joke that it is because they like covenants.

With some larger private credit managers jostling for deals at the upper end of the middle market, a larger number are sticking to their knitting in focusing on financing those smaller companies. It’s private credit’s historical sweet spot and is a space immune to some of the more borrower-friendly trends seen in competitive situations with the syndicated market.

In this episode, a senior reporter in 9fin’s US private credit team, Peter Benson, sat down with Bill Sacher, partner and head of private credit at Adams Street, to discuss what is happening in the core middle market. Is deal flow will be coming back? Will ETFs will take hold?

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