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