What you need to know in today’s environment. LSTA advocates on behalf of all participants in the corporate loan market, working directly with regulators and legislators to maintain a fair, orderly, and efficient marketplace that engenders confidence.
Level 1
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Private Corporate Credit (PCC) Glossary *New*
Private credit encompasses many types of nonbank lending and activities that bear little resemblance to one another and carry different risk profiles. Because of this diverse spectrum, the term “private credit” can be misleading when used broadly. Therefore, to align its private credit initiatives focusing on corporate lending, the LSTA uses the term “private corporate credit” (PCC), which it defines as the universe of activities covering leveraged lending to corporates with little or no direct bank involvement.
The PCC market is rife with jargon. While this glossary is not intended to be exhaustive, it seeks to make the jargon accessible.
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Private Corporate Credit (PCC) FAQs *New*
We answer ten frequently asked questions about PCC. (Some readers may find it helpful to reference the LSTA’s Private Corporate Credit Glossary simultaneously.
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A Primer on BDCs *New*
BDCs have become significant players in the private credit landscape, with publicly traded, non-traded, and private BDCs offering varying levels of liquidity. For asset managers involved in private credit, BDCs offer a meaningful way of expanding your distribution channels. This primer can be used as an initial step in learning about BDCs. Please consult your legal advisers and other consultants for those looking to understand more.
Level 2
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Regulatory Framework and Oversight *New*
Generally, managers who act as advisers to registered funds and private funds in private corporate credit are registered investment advisers (RIAs). In addition to managing public and/or registered funds, many RIAs are public companies and are subject to reporting and filing requirements. Most managers manage multiple vehicles and fund types (i.e., registered and private) and therefore have prudent, rigorous processes across their platform and firm aligned with regulatory requirements. Tracking performance records for firms and managers is critical for manager growth and future fundraising.
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Policy and Advocacy Roundup *New*
In the wake of the many recent threats and challenges to the broadly syndicated and private credit markets, the LSTA’s government policy and advocacy teams have been in high gear. Following is a brief summary of some of their efforts.
Level 3
