Despite its large and increasing size in the United States and Europe, the private debt (PD)
market, compared to the bank and syndicated loan markets, has been researched little. In …

We show that private equity (PE) buyouts enable firms to borrow against cash flows, thereby
raising borrowing capacity. Unlike comparable non PE-backed firms that primarily use asset …

As revealed by the failures of three regional banks in the spring of 2023, bank runs are not a
thing of the past. To inform the ongoing discussion of the appropriate regulatory response …

We show how private equity (PE) buyouts fuel loan sales and non-bank participation in the
US syndicated loan market. Combining loan-level data from the Shared National Credit …

We show that business development companies (BDCs)—closed-end funds that provide a
significant share of nonbank loans to middle market firms—are very well capitalized …

Private debt funds are the fastest growing segment of the private capital market. We evaluate
their risk-adjusted returns, applying a cash-flow based method to form a replicating portfolio …

This paper examines the dual role of Business Development Companies (BDCs) as
creditors and shareholders in the private direct lending market. Utilizing a comprehensive …

Using newly available micro-data on public and private firms, this paper documents the rise
of market financing in the euro area through the lens of new and small issuers. Recent new …

This paper examines the interaction between private debt and bank debt in corporate
borrowing. Combining administrative bank loan-level data with non-bank private debt deals …

We show that venture debt often acts as bridge financing to an equity round or acquisition.
We argue that venture lenders have distinct skill sets from traditional venture capitalists …