What on earth is happening in private credit?

I'm honestly surprised there is not a lot of talk here. But the whole financial press (i.e., WSJ/FT) is full of articles about troubles in private-credit. See something popping up nearly everyday.

The main point is basically simple ... PC funds lend to (shitty) mid-market Cos -> no equity upside but credit risk -> PortCos in trouble -> default. Why is this news?

How is the morale on the inside?

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Ma'tongo wa te ma-se ting wa fa shui wa ni. Ta-me la-ting fe ma wene sha le tangmo te ma i-ti fa meleng-leng s'wafi-mo.

 

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