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In the beginning, private credit funds made loans to companies to finance a leveraged buyout or something. Nowadays, they make loans to all sorts of structures. According to a new report from Moody’s, fund finance has got big enough to call a distinct asset class, with a total market size north of the trillion-dollar mark.
"As private equity and credit funds face delayed exits and refinancings, fund finance has emerged as a critical backstop that bridges liquidity gaps, enables operational flexibility and supports managers’ balance sheet management."
https://www.ft.com/content/43514039-2280-4a00-a6b3-a025a959ac4f
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