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Varagon*… I wouldn’t say they are one of the best positioned shops in the space going forward. They can’t really speak for larger holds, and appear to be losing a lot of their incumbency positions once their portfolio companies trade as a result (allowing the Golub, Antares, Owl Rock, Blackstone, Ares, etc. to swoop in on related financings). I’ve seen a few examples recently where they were clearly offering a 0.25-0.50x premium on leverage to maintain assets and/or justify their relative higher yield proposals. If you are looking at private credit shops, there are many others I would look at prior to focusing on Varagon…

 

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