Inclusion Criteria
Firms within the dataset are classified as Private Credit when their primary economic exposure is to privately originated or acquired debt instruments. Returns are driven by lending, credit underwriting, or the performance of loan assets. This includes direct lending and unitranche loans to companies, mezzanine financing, asset-backed and receivables lending, specialty finance, structured credit, and private distressed debt. Property-secured lending (mortgages, construction finance, etc.) is treated under Real Estate rather than Private Credit.
