About this episode

This episode discusses the significance of lower middle market direct lending and the role of specialist lenders in private credit.

Lower middle market direct lending remains one of the most structurally underserved segments in private credit. As traditional banks have stepped back, specialist lenders are playing an increasingly important role in providing capital to established, sponsor-backed businesses. In this episode, Keshav Rajagopalan is joined by Tas Hasan, Managing Partner and Chief Operating Officer at Deerpath Capital, PGIM's lower middle market direct lending platform. Together, they explore the concept of the "missing middle" in private markets, how Deerpath sources and underwrites opportunities at scale, and why discipline, consistency and relationships remain central to success in this segment. Tas also shares perspectives on today's opportunity set, the role of covenants in credit investing, and how lenders are thinking about emerging themes such as AI through the lens of cash flow durability. Subscribe to Speaking of Alternatives on your favourite podcast platform. Key Takeaways: ● What Lower Middle Market Direct Lending Is and Why It Matters – [03:00] ● The "Missing Middle" Opportunity in Private Credit – [04:00] ● Why Structural Inefficiencies Continue to Support the Opportunity Set –…

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