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Abstract
Direct lending to U.S. middle market companies is drawing increasing interest and capital from investors seeking high current yield and price stability. It is also attracting growing interest from asset managers seeking to replace the traditional role of banks, curtailed by regulation, in middle market financing. The authors create an index of direct lending assets dating back to 2005 to assist potential investors in understanding the return and risk for this growing asset class and how it compares to other public and private asset classes. The Direct Lending Index is then used to better understand the impact of manager fees and leverage on portfolio return and risk.
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