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The Journal of Alternative Investments

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The Investment Opportunity in U.S. Middle Market Direct Lending

Stephen L. Nesbitt
The Journal of Alternative Investments Summer 2017, 20 (1) 92-99; DOI: https://doi.org/10.3905/jai.2017.20.1.092
Stephen L. Nesbitt
is chief investment officer at Cliffwater, LLC, in Marina Del Rey, CA
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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.

TOPICS: Fixed income and structured finance, real assets/alternative investments/private equity, performance measurement, legal/regulatory/public policy

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The Journal of Alternative Investments: 20 (1)
The Journal of Alternative Investments
Vol. 20, Issue 1
Summer 2017
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The Investment Opportunity in U.S. Middle Market Direct Lending
Stephen L. Nesbitt
The Journal of Alternative Investments Jun 2017, 20 (1) 92-99; DOI: 10.3905/jai.2017.20.1.092

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The Investment Opportunity in U.S. Middle Market Direct Lending
Stephen L. Nesbitt
The Journal of Alternative Investments Jun 2017, 20 (1) 92-99; DOI: 10.3905/jai.2017.20.1.092
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  • Article
    • Abstract
    • DATABASE CONSTRUCTION AND RETURN INDEXES
    • DIRECT LENDING INDEX PERFORMANCE
    • COMPARISONS TO OTHER ASSET CLASSES
    • PORTFOLIO CONSTRUCTION
    • DIRECT LOAN INVESTMENT VEHICLES
    • CONCLUSION
    • ENDNOTES
    • REFERENCES
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