Leveraged Finance Asset Management Sectors

Hello all! I am a bit confused on what “sector” different forms of credit investments would fall into.

Although I’m aware that middle market investments in the primary markets would fall under Direct lending / private credit, what would broadly syndicated primary market investments be classified as? Is it still be considered leveraged lending and is there is a specific name for this asset class?

To further elaborate I’m talking about primary investments in high yield broadly syndicated debt, such as leveraged loans that typically go into CLOs.

I’m just a bit confused because it seems like the only difference between these investments and direct lending is the size of the underlying companies and the liquidity of the securities.

Any clarity is super helpful!