$37B fundraising 2025
Specialty FinanceLong
Specialty finance $37B 2025 - more than prior 2y combined
Source: WithIntel
17Capital Strategic Lending VI
Specialty FinanceLong
17Capital Strat Lending VI - largest NAV finance ever
Source: WithIntel
2:1 leverage limit BDCs
BDCsMulti
BDC asset coverage 1.5:1 (200% leverage)
Source: encyclopedia
AI coding disrupts software borrowers
RiskShort
Anthropic Nov 2025 + Jan 2026 AI coding plugins
Source: Oaktree
Aircraft finance ABS
Specialty FinanceIncome
Aircraft asset-based finance
Source: encyclopedia
Allocation 6% institutional avg
OutlookMulti
Average institutional allocation 6% to private credit
Source: WithIntel
Antares Capital direct lending
Mega-FundsLong
Antares Capital - GE Capital legacy
Source: encyclopedia
Apollo Origination Partnership
Mega-FundsLong
Apollo Origination Partnership 2024 fund
Source: encyclopedia
Ares Capital ARCC public
BDCsMulti
Ares Capital ARCC largest public BDC
Source: encyclopedia
Ares Senior Direct Lending III $34B
Mega-FundsLong
Ares SDL III $15.3B equity / $34B levered
Source: WithIntel
Asset-based finance ABF
Specialty FinanceIncome
ABF = asset-backed finance
Source: encyclopedia
Audax Private Debt
Mega-FundsLong
Audax Private Debt manager
Source: encyclopedia
Auto-extending closed-end
EvergreenMulti
Auto-extending CE structure
Source: encyclopedia
Average loan duration 4-5 yrs
RiskMulti
Loan duration up from 2-3 to 4-5 yrs
Source: WithIntel
BCRED Blackstone non-traded
BDCsMulti
Blackstone Private Credit BCRED massive AUM
Source: encyclopedia
BDC dividends typical 9-12%
BDCsIncome
BDC dividend yields ~9-12%
Source: encyclopedia
BDC structure 90% income flowthrough
BDCsMulti
BDCs distribute 90%+ for tax pass-through
Source: encyclopedia
BKLN PowerShares Senior Loan
ETFsLong
Invesco PowerShares senior loan
Source: encyclopedia
Business Development Company def
BDCsMulti
BDC SEC-registered alternative to private fund
Source: encyclopedia
CLO equity deepest tranche
CLO EquityLong
CLO equity first-loss deepest tranche
Source: encyclopedia
CLO equity refi reset arb
CLO EquityMulti
Reset/refi captures spread compression
Source: encyclopedia
CLO equity yield 12-18%
CLO EquityLong
CLO equity 12-18% target IRR
Source: encyclopedia
CLOI VanEck CLO ETF
ETFsLong
VanEck CLO ETF
Source: encyclopedia
CLOZ Panagram BBB CLO
ETFsLong
Panagram BBB CLO ETF
Source: encyclopedia
Cash-pay coupon
Direct LendingIncome
Cash-pay floating-rate coupon
Source: HPS
Coller Capital $5B+ raise
SecondariesLong
Coller Capital secondaries leader
Source: WithIntel
Consumer loan portfolios
Specialty FinanceIncome
Consumer loan portfolio finance
Source: encyclopedia
Core middle market $30-100M
Direct LendingIncome
Core middle market $30-100M EBITDA
Source: encyclopedia
Covenant-lite cov-lite
Direct LendingMulti
Cov-lite has fewer maintenance covenants
Source: encyclopedia
Credit secondaries $16B 2025
SecondariesLong
Credit secondaries $16B fundraising 2025
Source: WithIntel
Crescent Capital
Mega-FundsLong
Crescent Capital private credit
Source: encyclopedia
Cross Ocean credit secondaries
SecondariesLong
Cross Ocean Partners secondary
Source: WithIntel
DCM debt + equity warrants
Direct LendingLong
DCM mezz with equity kicker
Source: encyclopedia
DIP debtor-in-possession financing
DistressedMulti
DIP financing during Ch 11
Source: encyclopedia
Eagle Point AuM $5B SMA
CLO EquityMulti
Eagle Point $5B fund-finance AuM SMAs
Source: WithIntel
Eagle Point OXLC ECC pubs
CLO EquityMulti
Eagle Point Oxford Lane public CLO equity vehicles
Source: encyclopedia
Equipment finance leasing
Specialty FinanceIncome
Equipment finance + leasing
Source: encyclopedia
Evergreen perpetual fund structure
EvergreenMulti
Evergreen funds no fixed term
Source: WithIntel
Evergreen private credit $644B AUM
EvergreenMulti
Evergreen private credit funds $644B by mid-2025
Source: WithIntel
FCRD First Trust Senior Loan
ETFsLong
First Trust senior loan ETF
Source: encyclopedia
FS KKR Capital FSK public
BDCsMulti
FS KKR Capital public BDC
Source: encyclopedia
First Brands fraud Sept 2025
RiskShort
First Brands fraud bankruptcy mid-2025
Source: Oaktree
Floating-rate SOFR + spread
Direct LendingIncome
SOFR + 500-700bps typical
Source: encyclopedia
Fulcrum security
DistressedMulti
Fulcrum security gets equity in restructuring
Source: encyclopedia
Golub Capital BDC
Mega-FundsLong
Golub Capital large direct lender
Source: encyclopedia
HPS HLEND non-traded BDC
BDCsMulti
HPS Corporate Lending HLEND non-traded BDC
Source: HPS
Hercules HTGC venture lending
BDCsMulti
Hercules Capital venture-debt BDC
Source: encyclopedia
Howard Marks "Cockroaches" memo
RiskMulti
Marks 11/2025 Cockroaches in the Coal Mine memo
Source: Oaktree
ICG Senior Debt Partners V mega
Mega-FundsLong
ICG Senior Debt Partners V mega-fund
Source: WithIntel
Incurrence covenants flex
Direct LendingMulti
Incurrence cov tested only at issuance
Source: encyclopedia
Interest coverage falling sharply
RiskShort
Borrower interest coverage falling sharply
Source: WithIntel
Interval funds 5% quarterly
EvergreenMulti
Interval funds 5% quarterly redemption windows
Source: encyclopedia
Inventory financing factoring
Specialty FinanceIncome
Inventory + factoring receivables
Source: encyclopedia
JAAA CLO AAA
ETFsLong
Janus Henderson AAA CLO ETF
Source: encyclopedia
JBBB CLO BBB
ETFsLong
Janus Henderson BBB CLO ETF
Source: encyclopedia
KKR ABF Partners II $6.5B
Specialty FinanceLong
KKR ABF Partners II $6.5B raise 2025
Source: WithIntel
LBO leverage ratio 5-7x EBITDA
RiskShort
LBO leverage ratio 5-7x EBITDA typical
Source: Oaktree
LP-led secondary sales
SecondariesMulti
LP-led credit secondaries
Source: encyclopedia
Litigation finance
Specialty FinanceMulti
Lawsuit financing
Source: encyclopedia
Loan-to-own
DistressedMulti
Loan-to-own distressed-for-control
Source: encyclopedia
Lower middle market <$30M EBITDA
Direct LendingIncome
Lower-middle-market EBITDA <$30M
Source: PineBridge
Madison Capital
Mega-FundsLong
Madison Capital direct lender
Source: encyclopedia
Main Street MAIN public
BDCsMulti
Main Street Capital well-regarded BDC
Source: encyclopedia
Maintenance covenants strict
Direct LendingMulti
Maintenance cov - leverage / coverage tests
Source: encyclopedia
Manager skill warehousing
CLO EquityMulti
Top managers warehouse + reset effectively
Source: encyclopedia
Manager-led continuation vehicles
SecondariesMulti
Manager-led CV >$7B 2025
Source: WithIntel
Mezzanine debt subordinated
Direct LendingLong
Mezzanine sub debt + warrants
Source: encyclopedia
Music royalty buyouts
Specialty FinanceLong
Hipgnosis Concord music-royalty buyouts
Source: encyclopedia
Non-sponsor founder-owned
Direct LendingIncome
Non-sponsor founder/family-owned
Source: PineBridge
Non-traded BDC perpetual life
BDCsMulti
Non-traded perpetual-life BDC
Source: Oaktree
Non-traded BDC redemption gates
RiskShort
Non-traded BDC gating redemptions 2025
Source: Oaktree
Owl Rock Blue Owl ORBC merger
Mega-FundsLong
Owl Rock + Dyal merged → Blue Owl 2021
Source: encyclopedia
Owl Rock OBDC public
BDCsMulti
Owl Rock Capital BDC (now Blue Owl)
Source: encyclopedia
PCMM BondBloxx Private Credit CLO
ETFsLong
BondBloxx PCMM private-credit CLO ETF
Source: BondBloxx
PE exit drought 2022-2025
RiskShort
PE exit drought drives loan duration up
Source: WithIntel
PIK toggle interest
Direct LendingMulti
PIK toggle - pay-in-kind interest option
Source: encyclopedia
PIK use rising stress signal
RiskShort
Rising PIK = financial stress
Source: WithIntel
Pantheon Ventures $5B+ raise
SecondariesLong
Pantheon credit secondaries fund
Source: WithIntel
Pharma royalty Royalty Pharma
Specialty FinanceLong
Royalty Pharma RPRX largest pharma royalty
Source: encyclopedia
Premium/discount to NAV
BDCsMulti
Public BDCs trade at premium/discount
Source: encyclopedia
Public BDC NYSE listed
BDCsMulti
Publicly traded BDC daily-liquid
Source: encyclopedia
Royalty financing
Specialty FinanceIncome
Royalty financing pharma music etc
Source: encyclopedia
SRLN Invesco Senior Loan
ETFsLong
Invesco active senior loan ETF
Source: encyclopedia
Second-lien junior
Direct LendingMulti
Second-lien higher yield higher risk
Source: encyclopedia
Semi-liquid quarterly redemption
EvergreenMulti
Quarterly redemption windows in evergreen
Source: WithIntel
Senior secured first-lien
Direct LendingIncome
Senior secured floating-rate loans
Source: HPS
Software co debt 20x EBITDA exposed
RiskShort
Software cos at ~20x EBITDA + AI disruption
Source: Oaktree
Solar / renewable financing
Specialty FinanceIncome
Solar + renewable PPA financing
Source: encyclopedia
Sponsor-backed PE-owned
Direct LendingIncome
Sponsor-backed = PE-owned borrower
Source: Oaktree
Stress test resilience
CLO EquityLong
CLO equity passes stress tests historically
Source: Invesco
Strip sales mature portfolios
SecondariesMulti
Strip sales clean up mature portfolios
Source: WithIntel
Tender offer funds
EvergreenMulti
Tender-offer funds discretionary repurchases
Source: encyclopedia
Tikehau Capital secondary
SecondariesLong
Tikehau credit secondaries fund
Source: WithIntel
Trade finance
Specialty FinanceIncome
Trade finance receivables
Source: encyclopedia
Tricolor fraud allegations
RiskShort
Tricolor allegations of fraud 2025
Source: Oaktree
Twin Brook NEUR
Mega-FundsLong
Twin Brook lower-middle-market
Source: encyclopedia
Unitranche single-tranche
Direct LendingIncome
Unitranche - blended senior+sub-debt
Source: encyclopedia
Upper middle market $100-500M
Direct LendingIncome
Upper middle market $100-500M EBITDA
Source: encyclopedia
Valuation marks subjective
RiskMulti
Private credit valuation marks subjective
Source: Oaktree
Wealth platform retail access
EvergreenLong
RIA wealth platforms accessible to HNW
Source: encyclopedia
An encyclopedia of publicly documented strategies for education. YCAI does not recommend, endorse, or trade any of these. Not investment advice.