We mentioned last week the #SuperReturn North America Virtual conference, where we heard participants on the pandemic’s impact on private credit terms, structures and portfolio performance.   

But what about new business? A lot depends on managers’ strategies. Institutional investors had expected a downturn for a while.  

Significant capital was raised to take advantage of fall-out from the recession when it came. Declining valuations and operating performance would cause mainline lenders to retreat from financings. Opportunistic funds would then step in....