Covenant Lite

Covenant Lite #45: Blue Owl's Failed Merger and Cracks in Non-Traded BDCs

A case of poor timing or something bigger?

Nov 23 • 

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Covenant Lite #44: The Interval Fund That Ate the Market

Inside Cliffwater's $32B Credit Machine

Nov 17 • 

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Covenant Lite #43: The Barbarians of KKR are Storming the Gate of ABF

How Dan Pietrzak and Varun Khanna Built a Global Asset-Based Finance Machine

Nov 2 • 

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October 2025

Covenant Lite #42: The Cockroaches in Private Credit

How healthcare roll-ups became private credit's weak spot

Oct 26 • 

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Covenant Lite #41: BDC Apocalypse

Do recent large drawdowns in public BDCs suggest cracks in private credit?

Oct 19 • 

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Covenant Lite #40: A Budding Turf War in Retail Private Credit

Can Blackstone's BCRED defend their territory?

Oct 12 • 

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Covenant Lite #39: [Re-post of CL #1] A History of Private Credit

Forces that shaped the industry and where it's going

Oct 5 • 

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September 2025

Covenant Lite #38: Fortress and Blue Owl Supercharge SoFi

How private credit is partnering with a leading consumer lender to enhance its business model

Sep 29 • 

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Covenant Lite #37: Beyond Wall Street: Is Asia the Next Private Credit Frontier?

Is adding a private credit manager in Asia worth the extra brain damage?

Sep 21 • 

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Covenant Lite #36: The Kingmakers of Private Credit

How SWFs Like Mubadala, ADIA and Temasek Seed, Scale and Steer the Market

Sep 7 • 

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August 2025

Covenant Lite #35: Private Credit Going with the Forward Flow

A formerly unloved part of ABF is becoming more popular with private credit firms

Aug 31 • 

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Covenant Lite #34: Bank 2.0? How Apollo Manufactures Credit at Megabank Scale

Is Apollo trying to become the next JP Morgan?

Aug 24 • 

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