Private Debt

Free CFA Level III: Private Markets lesson in Private Debt. 21 min read, ~3,089 words.

Debt scales across the life cycle: venture debt at startup, leveraged loans and HY bonds at buyout or refinancing, convertibles at late-stage equity transition, with exit via refinance or repayment. Leveraged loans are senior secured, floating-rate (SOFR + 300-700bp), with maintenance or incurrence covenants depending on segment; broadly syndicated form...