PCA’s ViewPoint: Middle Market Direct Lending (MMDL) - Overpaying for Stability

Published: Mar 07, 2018

Investors have been asking whether too much capital has been raised in middle market direct lending (MMDL).   We address that question  in the attached inaugural edition of PCA’s ViewPoint and also introduce specialty lending, a less trafficked, asset-focused alternative.


PCA plans to periodically produce the ViewPoint, which we see as a series that expresses PCA’s view on topics that investors are currently discussing.  Our aim is to be actionable, timely and brief.   Please let us know of any suggestions you may have for future editions.