CHAPTER 6
Direct Lending
If Part II of this volume were intended to be a comprehensive introduction to alternative investments, direct lending would hardly be the most natural topic to follow immediately after the chapter on long/short equity, and if direct lending appeared at all, it would probably be toward the end in a chapter on “all the others.” But as indicated in the Introduction, my intention for these strategy-specific chapters is to illustrate rather than to assemble an exhaustive catalog of alternative investment practice. In its economics, its risk profile, and its likely role in an investment policy allocation, direct lending is sufficiently different from long/short equity that the contrast between them should be interesting. This ...

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