An investment grade bond is a debt security whose issuer carries a credit rating in the upper tier of the rating scale — broadly BBB-/Baa3 or higher from the major...

Investment grade private credit is privately originated and negotiated debt whose credit quality is equivalent to an investment-grade rating, meaning it carries a low assessed probability of default, but which...

Investment grade private placements are privately negotiated senior debt securities sold to a small group of institutional lenders — most often life insurers and large fixed-income managers — rather than...

Junior debt is any borrowing that ranks behind senior debt in a borrower’s capital structure, meaning its claims on cash flow and on collateral in a default are satisfied only...

Leveraged finance is the business of arranging, underwriting, and distributing debt for borrowers that are already highly indebted or rated below investment grade — most visibly the debt that funds...

A leveraged loan is a senior secured loan extended to a company that is already carrying significant debt or is rated below investment grade, most often to fund a leveraged...

Liquid credit refers to the segment of corporate and structured credit that trades in active public or broadly syndicated markets, where positions can generally be bought and sold with reasonable...

LP secondaries are transactions in which an existing limited partner in a private-markets fund sells its stake — the fund interest, including both its share of the underlying portfolio and...

Mezzanine debt is a layer of financing that sits between senior secured debt and common equity in a company’s capital structure, subordinated to the senior lenders but ranking ahead of...

Middle market direct lending is the practice of non-bank lenders — typically private-credit managers and business-development companies — making loans directly to mid-sized companies, most often to finance private-equity-sponsored buyouts,...

Mortgage-backed securities are bonds whose cash flows come from a pool of mortgage loans rather than from a single corporate or government borrower. Investors receive the principal and interest that...

Non-agency RMBS are residential mortgage-backed securities issued without a guarantee from Fannie Mae, Freddie Mac, or Ginnie Mae, so the credit risk of the underlying home loans is borne by...

Opportunistic credit is a style of credit investing that pursues mispriced or complex debt situations across the capital structure rather than committing to a single, narrowly defined asset class. Managers...

Power finance is the specialized practice of arranging and providing capital for electricity-generation and grid infrastructure — power plants, transmission and distribution networks, and the assets that connect generation to...

Preferred equity is a hybrid financing instrument that sits between debt and common equity in a company’s or property’s capital structure — senior to common shares in its claim on...

Private ABF — private asset-backed finance — is the origination and financing of loans and receivables backed by pools of financial or physical assets, arranged and held privately rather than...

Private assets are investments held outside public, exchange-traded markets — ownership stakes, loans, real estate, and infrastructure that are bought, held, and sold through negotiated transactions rather than on a...

Private banking is the business of providing tailored banking, credit, and wealth-management services to high-net-worth and ultra-high-net-worth individuals, families, and their related entities. A private bank combines everyday banking and...

Private capital is the capital — and the industry that raises and deploys it — used to finance companies, assets, and projects outside the public markets. It encompasses the funds,...

Private capital markets are the origination, structuring, and placement infrastructure through which capital is raised privately — the desks, agents, and processes that connect issuers seeking funding with the institutional...