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Middle market origination processes scrutinised
A deteriorating credit environment is expected to prove challenging for new US middle market loan platforms, whose fee revenue may not be enough to support them through stressful periods. Against this backdrop, a manager’s track record, alignment of interest and competitive advantages should be among investors’ primary considerations.
David Heilbrunn, senior md and head of product development, capital raising and CLOs at Churchill Asset Management, notes that there has been an influx of money raised in the middle market loan space by new platforms that haven’t yet been tested.
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