Is direct lending/private credit technically buy side?

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It is investing. You're risking capital. Therefore, it is buy side.

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Kind of. You’re lending to the buyer.

Not as extensive as the sponsor but still need to understand LBO math / mechanics. Understanding the sponsor thesis is a big part of the underwrite for the credit.

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Not all private credit, including direct lending is the same. Especially if you're involved in a non-sponsored deals, you'll be getting into the weeds of LBO yourself and doing more diligence than piggy backing off of sponsors'.

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