Before Software, Private Credit's Problem Child was Energy
A history lesson courtesy of Apollo
Covenant Lite
Allocator at Top 5 Fund of Funds, Private Credit focus, Niche Strategies preferred. Weekly articles on private credit topics.
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Latest episodes
[Re-post of CL #1] A History of Private Credit
Forces that shaped the industry and where it's going
Blue Owl on the Ropes
When the going gets tough in private credit
How Ares Built an ABF Platform the Slow Way
Lessons from one of the leaders in alternative credit
Everyone Becomes a Bank Eventually
Is the end state of all non-banks to become a bank?
2025 Year-End Review
What a year it's been
Covenant Lite #47: Blackstone and Oaktree Think They Can Predict the Weather
How private credit is increasingly looking to invest in catastrophe reinsurance
Covenant Lite #46: The Forgotten History of Insurance as America’s Original Private Lender
Why insurance capital in private credit is more reversion than innovation
Covenant Lite #45: Blue Owl's Failed Merger and Cracks in Non-Traded BDCs
A case of poor timing or something bigger?
Covenant Lite #44: The Interval Fund That Ate the Market
Inside Cliffwater's $32B Credit Machine