For much of the 20th century, lending to small and midsize companies was almost exclusively done by banks. This changed in the 21st century, particularly in the last decade, with non-bank lending - now commonly referred to as private debt - growing in popularity as an alternative source of debt financing, with the asset class tripling in size since 2008. Private debt has demonstrated a premium versus liquid credit over a long period, often combined with lower default rates and higher recovery rates… and is a portfolio diversifier as it offers l...