The Opportunity in Middle Market Private Credit

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About This Episode

Private credit markets have shifted upmarket. Many larger financial players are seeking bigger deals that can have a greater impact on their portfolios. This has led to a vacuum in small/mid-cap deals where investors can get a significant yield premium to the overall market. In this episode, we will look at the public debt markets, where one can invest in high-yield/lower-rated bonds (e.g., triple Cs) to construct a portfolio that has a 200 or 300 basis point yield premium and has default losses equal to or less than the market. Investors can take advantage of market inefficiencies by participating in a part of the market that others are avoiding.

About Our Guest

Ben Santonelli is lead portfolio manager of Polen Capital's credit opportunities strategy and co-portfolio manager of the firm's U.S. opportunistic high-yield and bank loan strategies.

Ben's career began at Polen Capital (formerly DDJ Capital) in 2004. Ben received a B.A. in history from Amherst College and serves as a member of the board of directors of a Polen Capital portfolio company.

Show Notes

Here are some links to learn more about Ben and Polen Capital:

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