The Credit Clubhouse Back to Basics: The Core Middle Market with Aaron Kless of Andalusian Credit Partners
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Jun 11, 2026 
Aaron Kless, CEO and CIO of Andalusian Credit Partners, is a seasoned middle‑market direct lender with sector expertise in sports, media, and financial services. He describes refocusing on core middle‑market lending, why non‑sponsored deals can be attractive, the renewed emphasis on covenants and document quality, and how sector specialization and AI trends shape future opportunities.
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Sector Specialization Drives Access And Edge
- Being an industry specialist creates differentiated access and information that generalist lenders lack.
- Andalusian chose sports, media, entertainment, and financial services to combine secular trends with superior deal access and underwriting insight.
Sports Beyond Teams Is A Broad Credit Market
- Sports investing includes pro, collegiate, and many sports-adjacent businesses with sticky recurring demand.
- Kless highlights youth, amateur, recreational and adjacent services as resilient cashflow opportunities beyond headline team sales.
Tiptoe Into NIL With Single University Deals
- Proceed cautiously on NIL and conference-level collegiate deals; prefer single-university or single-program financings first.
- Kless warns of headline-driven 'stroke of the pen' risk and recommends picking partners and small-scale structures early.
