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The testing market makes this the ideal time to assess which managers have the most resilient portfolios, says MV Credit’s Frédéric Nadal.

The big challenge facing smaller companies is the ongoing reduction in bank lending and the lack of viable alternatives, says Theo Dickens, managing partner at Prefequity.

Lenders to sponsors face declining odds and a rise in creditor-on-creditor violence, says Greg Racz, president and co-founder, and Daniel Leger, managing director at MGG Investment Group.

Demetry Zilberg, chief technology officer at Alter Domus, considers the latest developments in artificial intelligence and how private debt can benefit.

There are some common misconceptions associated with lower mid-market lending, says DunPort Capital Management’s Ross Morrow.

Direct lending deals are getting bigger – but arguably, the most compelling relative value still lies in the traditional or ‘true’ mid-market, say Barings’ Tyler Gately and Stuart Mathieson.

Stressed investments that don’t require restructuring can prove a rich source of performance, says Adam Phillips from RBC BlueBay Asset Management.

Default rates are starting to increase in the upper mid-market, making credit terms more important than ever, says TPG Twin Brook Capital Partners’ Kim Trick.

Platform deal volumes may still be down, but portfolio-based activity is keeping lenders busy, say Churchill Asset Management’s Jason Strife and Mat Linett.

Tree Line’s 'underwriting discipline' attracted the insurance giant in its pursuit of exposure to mid-market direct lending.