Alternative Investments
Middle-Market CLOs Explained: How BDCs Fund Their Loans Without Margin Calls
You own shares in a business development company (BDC) because you want exposure to private-credit yield without underwriting individual loans yourself. But the return you collect depends on how that...
Jeff Barnes, MBA··10 min read
Alternative Investments
Collateralized Fund Obligations: How Wall Street Is Securitizing Private Markets
TL;DR: A Collateralized Fund Obligation (CFO) is a securitization backed by a pool of private fund LP stakes, not individual loans. Churchill Asset Management and Seviora closed a $400 million CFO in
Jeff Barnes, MBA··10 min read