In this episode of SCI In Conversation, Derek Dubois, md and treasurer of Deerpath Capital, joins SCI US editor Simon Boughey, to discuss low to middle market CLOs. Private credit manager Deerpath has US$9bn under management, and for almost two decades has funded senior, cash-flow based lending to sponsor-backed firms valued between US$50m and US$250m, chiefly through the CLO market. Dubois discusses the changing and improving reputation of this area of the market, the difficulties of maintaining underwriting discipline with need for volume, and where stress points may emerge in the case of a prolonged economic downturn.