U.S. Private Credit
I wanted to understand how private lenders assess businesses, structure loans, and manage risk.
Why I studied private credit
My work in finance and my plans for OnGrid have kept me interested in how businesses access capital. Private credit gave me a reason to look more closely at the lender’s side of that relationship.
I focused on how direct lenders originate and underwrite loans, where returns come from, and what can go wrong. The report looks at a broader market than OnGrid’s small-business focus, but the questions about repayment, documentation, and risk are relevant to how I think about financing.
What I wanted to understand
- How direct lending differs from bank lending and public credit markets.
- How loan terms, underwriting, and funding structures affect risk.
- Why market-size estimates and liquidity promises need to be read carefully.
Read the work
A note on the research
The report focuses on U.S. corporate direct lending with global context. Market-size estimates use differing definitions and should not be treated as directly additive.
The source dates and assumptions are included in the documents.