Private Markets Unpacked: Direct lending

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Direct lending can act as an important entry point to private markets, offering reliable yields, long-term risk-adjusted returns, and portfolio diversification

As wealth managers expand their private markets allocations, private credit has become a natural entry point, with direct lending emerging as the dominant strategy
Direct lending complements portfolios by providing income and credit exposure beyond public fixed income – alongside additional diversification benefits
Although direct lending can outperform public credit, it comes with distinct liquidity and risk trade‑offs and should not be viewed as a direct substitute