Notes on private credit and capital markets
Commentary on underwriting discipline, market structure, and the mechanics of lending well, written for allocators and capital markets professionals evaluating the firm.
Why Duration Discipline Matters
Long-dated credit looks attractive until rates or fundamentals shift underneath it. Shorter duration instruments create more frequent points to reprice risk, reassess collateral, and step away from a credit before a problem compounds.
Underwriting Before Yield
The temptation in private credit is to underwrite the return first and the risk second. Discipline runs the other direction: collateral position and cash flow visibility are established before a rate is ever discussed.
The Gap Banks Left Behind
Tighter bank capital requirements pushed many lenders out of smaller, asset-backed, and revenue-based relationships. That retreat created durable demand for private capital willing to do the underwriting work banks no longer will.
White papers and credit outlooks
Longer-form research, quarterly credit outlooks, and portfolio perspectives are in development and will be published here for investors and referral partners conducting diligence.