Despite its large and increasing size in the U.S. and Europe, there is relatively little research on the private debt … European investors with private debt assets under management (AuM) of over $300 billion. These investors are primarily direct … lending funds. We ask the general partners (GPs) how they source, select, and evaluate deals, how they think of private debt …

risks and debt pricing. We find that, regardless of the reason for the turnover, CDS spreads, loan spreads and bond yield …

, however, equity and debt markets may be more advantageous. …