Fund structures today include public and private approaches as well as blends of the two, explains Arthur Penn of PennantPark.

Having launched its US and European direct lending platforms in 2004 and 2007, respectively, Ares Management has seen private debt evolve on both sides of the pond. Michael Arougheti, the firm’s president and co-founder, and Kipp deVeer, partner and head of the firm’s credit group, offer their insight.