We continue our special series with the fourth of our “Five Biggest #PrivateCapital​ Surprises of 2020:”  

Surprise #4: Which Industries Mattered?  

For experienced credit managers, diversity is a key investing principle. The question coming into last March’s downturn was, have we made the right decisions on industries to lean into and out of?  

Generalists avoid cyclicals such as energy, retail, and high-end consumer. Unlike the Great Recession, though, the COVID cycle impacted businesses where consumers had to leave their homes...