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Memos from Howard Marks: Ruminating on Asset Allocation
Essentials / Credit
Understanding Private Credit: Sponsored Vs. Non-Sponsored Financing
Interest rates are high, and bank failures are causing banks to tighten lending standards, creating a surge in demand for private credit.
It’s worth understanding the two main types of private credit available—sponsored and non-sponsored—and their characteristics and potential benefits because exposure to both can maximize the opportunity set.
