This means the leverage ratio on these pools will be 0x. According to Refinitiv LPC, US unitranche volume came to almost $22 billion last quarter – the highest level they’ve tracked historically. See the latest Blackstone Secured Lending Fund Ordinary Shares stock price (BXSL:XNYS), related news, valuation, dividends and more to help you make your investing decisions. Private Equity. 27h 41m. 2 billion of unitranche issuance, surpassing the previous high in the third quarter of last year, when it was just under $9 billion, according to data from Refinitiv. There are three subscription plans: Individual, Duo, and Family, at a monthly price of. It is a hybrid loan structure that combines senior debt and subordinated debt into a single debt instrument, which allows the borrower to simplify the loan process and deal with a single lender, rather than managing multiple layers of creditors. HPS Investment Partners is poised to provide a roughly €750 million ($802 million) direct loan package for parking-app business EasyPark AB to support its acquisition of a rival firm, people with knowledge of the matter said. Go beyond recipes. The streamlined interface lets you dial in sounds fast, while the onboard control switch and. A song’s rhythmic structure dictates when notes are played, for how long, and with what degree of emphasis. A variety of factors have fed the rapid growth in the market for unitranche loans during the last few years. no amortisation) typically provided by institutional lenders such as debt funds. 2. If refrigerating the ribs, bring to room temperature before cooking. Bonus class guides & content. Unitech Training Academy 5 2022 Volume 3 Houma Unitech Training Academy has a branch campus in Houma, Louisiana. While the loan appears to be singular to the borrower, from the issuer’s. Golub Capital acted as Administrative Agent, Lead Arranger and Joint Bookrunner on a $700 million delayed draw term loan for Risk Strategies, increasing the company's unitranche facility to $4. Das Hauptziel der Unitranche. The borrower of this type of loan pays a blended interest rate that falls between the rate of the senior debt and subordinated debt. Click here to listen to the audio. The panel will also discuss significant recent trends in intercreditor arrangements. Our solutions include first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments. MasterClass is the streaming platform that makes it possible for anyone to watch or listen to hundreds of video lessons taught by 150+ of the world’s best. Stakeholders describe any party, either internal and external, with a vested interest in a corporation such as the management team, shareholders, suppliers and creditors. This is understood to be the biggest sterling unitranche facility in the market since Ardonagh Group agreed the largest unitranche seen globally in 2020, through a roughly £1. First lien. Financial Covenants (Unitranche - 2+ vs. The unitranche structure generates substantial additional cash over the five-year period, which can support a much higher growth rate without further borrowing. For everything else, use. Unitranche deal volume has surged over the past five years to $21. Since late 2017, the PineBridge Private Credit team has committed $4. mezzanine) and can include preferred stocks or common. Only eight unitranche deals were signed in Europe. e. It also offers senior loans, senior stretch loans, unitranche loans, mezzanine loans, equity co-investments and underwriting services. Management Buyout (MBO) Minority Interest. Unitranche loan facilities feature a blended interest rate (calculated using the weighted average interest rates of the senior and junior debt facilities), single credit agreement, single set of. Unitranche loans are usually documented in a single loan agreement and are provided by non. City State/Province/Country ZIP/PostalCode Phone Number of Issuer; CHICAGO: ILLINOIS: 60661: 312. These financings first gained popularity with specialty finance companies in the middle market, but they have since gained acceptance by most other. Blackstone Group Inc along with other lenders provided a $2. USA November 9 2023. SMBCE bought GE’s European Sponsor Finance business in 2015 for $2. Unitranche debt is a type of financing that combines senior and subordinated debt into a single loan with a blended interest rate. Global law firm White & Case LLP advised European dental group Dentius on a unitranche financing provided by CAPZA. Record activity allowed. Most middle market facilities are “club. Go inside Gordon Ramsay's kitchen and take your cooking to the next level. Private credit funds are providing a record €4. $399 Add to Cart. Receive to Wall Street Preparing! Use code at checkout for 15% off. Antares Unitranche Feeder Fund I (DE) LP: Street Address 1 Street Address 2; C/O ANTARES UNITRANCHE FUND I GP LLC: 500 WEST MONROE ST. A contender for the top ten, we enjoyed Gretzky’s class because of his riveting storytelling, heartwarming love for his sport, and his modesty. e. Fund Category. HPS, the sole lender, is set to provide a €600 million unitranche loan and a €150 million delayed. Many aspects of the intercreditor dynamic in a particular unitranche financing will depend on the overall size/split of the debt between “first out” and “last out” tranches. The second quarter of 2023 saw 111 1 deals completed, representing a 23. Written by MasterClass. Teaches Creative Writing. But then two things happened. Unitranche loans are mainly used by middle market borrowers with sales under $500million and an annual EBIDTA of $50million or less. Fund Manager Website. Practice active listening. What is a Unitranche facility? Typically, a unitranche facility is a single tranche term loan which combines a blend of senior and junior risk with a single interest rate (which. A “middle market” loan facility ranges from $50 million to $500 million and is made to borrowers with pre-tax earnings of $15 million to $100 million. foremost and second loan. Owl Rock and Goldman Sachs did not provide comment by press time. Dialogue: Write the name of the character speaking in capital letters, centered on the page, and indented 3. and Canada. Email Support Hours: 24 hours/7 days a week. fields structured together in the asset master record in the form of Tabs. Learn How to Format a Screenplay: Step-by-Step Guide. Improve my style (interior design or fashion) Something else. The MasterClass Duo plan, meantime, costs $15/month, and MasterClass Family plan costs $20/month. Unitranche financing gives firms the most flexibility by combining various forms of secured and. Market dynamics and players – the market in private credit is evolving rapidly in ASPAC, especially in the developed economies. No one works harder than we do to serve and protect professionals and our. 17,025 Students. The curriculum for each MasterClass is designed by the instructor. Asia has seen only five unitranche loans totalling A$1. Each dialogue block should be indented 2. For a gas grill, keep one burner on medium-low and the other on high. Basically, an AAL splits a single tranche of debt into first out. Starting at $10/month (billed annually) for all classes and sessions. A lead magnet is a free resource such as a PDF eBook, video training, cheatsheet, checklist, etc. Clayton Utz and Gilbert + Tobin (G+T) celebrated the completion of Blackstone Inc’s landmark acquisition of Crown Resorts Limited for $8. Teaches Acting. Become a better chef. Gleaning price information from the current market will help you craft your own business strategy. The relativeThe unitranche structure allows lenders to tailor their intercreditor rights depending on the size of their respective first-out and last-out facilities and other deal-specific factors in an AAL. I. First created in 2005, unitranche loans were used primarily for middle market transactions, by borrowers with annual EBITDA of up to $50. Anna. Antares Capital. USA November 14 2023. e. Starting at $10/month (billed annually) for all classes and sessions. first and second lien. Investment firm Pemberton is working with banks to offer holding company (holdco) PIK loans. Each class features about 20 video lessons, at an average of 10 minutes per lesson. 3. Global law firm White & Case LLP has advised investment management firm Barings on a unitranche financing for Stirling Square's acquisition of Eurofins Digital Testing. Transform your makeup skills with makeup artist Sir John. . S and the Europe. Second lien. Unitranche debt. It tends to be provided by a single lender on a take. We would like to show you a description here but the site won’t allow us. 22, 2023 /PRNewswire/ -- Golub Capital acted as Administrative Agent, Lead Arranger and Joint Bookrunner on a $700 million delayed draw term loan for Risk Strategies, increasing the. 1 Our Private Credit team benefits from the firm’s robust credit platform, featuring deep sector coverage and proprietary credit research. 8Bn in 1Q22 boosted by Greencross’s $1Bn deal. Unitranche financing is becoming more popular. At the same time, one-stop risk/return dynamics have moved in. Antares' leverage (debt to tangible equity) was 2. Teaches Modern Middle Eastern Cooking. It is the mar-ket for less bankable companies with different play - ers, and very different credit fundamentals. 0x. The Loan Syndications and Trading Association (LSTA) defaulting lender provisions were released in 2011 in the aftermath of the 2008 Financial Crisis. Place your ring finger on the second string, third fret. 2 Step 2: Give Your Masterclass A Name And Structure. Our Live Associates are available to chat from 6AM - 5PM PT, 7 days a week . For example, for a small cashflow revolver, the applicable lenders may be willing to allow the “last out” term loan t- o determine exercise of remedies. The Loan & Transaction Structuring Masterclass trainer had a highly successful, long and varied “fast track” career in Lloyds Bank which led him to a very senior management position in the bank’s private Commercial Banking and then the Corporate Banking Divisions. This presents the borrower with one financing instrument with one interest payment and one set of loan documents instead of several. 91 billion* across more than 25 hedge fund, private asset and corporate finance mandates and has. Last Name First Name Middle Name;This week we fearlessly tackle one of the most frequently asked questions in private credit: Namely, where do you draw the line between a #SeniorStretch loan. MasterClass is an immersive online experience, which gives everyone the opportunity to learn from the world's best practitioners. Unitranche debt is a type of financing that combines senior and subordinated debt into a single loan, provided by a single lender. Principales caractéristiques des différentes typologies de dette privée, mezzanine, dette senior ou unitranche. Build your skincare routine, curate your makeup kit, and learn three of Sir John's most sought-after looks: the “No-Makeup” look, the “Everyday” look, and the “Icon” look. The main difference between memoir and. A unitranche loan is a term loan that combines both senior and junior components in a single credit facility. The firm's financing commitments to private equity-backed middle-market companies totaled nearly $31 billion across more than 360. Despite only celebrating its first birthday in February, BCRED had amassed a $50bn portfolio of. S. The popularity of this structure was supported by the strong appetite of the credit funds, market standard. Bain Capital, LP is one of the world’s leading private investment firms with approximately $180 billion of assets under management that creates lasting impact for our investors, teams, businesses, and the communities in which we live. 2. How to Create a Masterclass. As banks get pummeled by risk aversion and sinking asset values, direct lenders are lavishing risky. 875 billion commitment represents the largest ever. Payment-in-kind option offered on $2. These include reductions in terms of talent point costs to a few talents in Thrill of the Hunt and Dire Command, a few new and redesigned talents like Savagery, Master Handler, Wild Instincts and Bloody Frenzy, as. Given the higher risk associ-ated with increased leverage, unitranche loans tend to be better suited to companies with strong credit attributes and high free cash flow. We provide debt financing to performing middle market companies in the U. Using the first two assumptions, we can calculate the annual mandatory amortization amount by multiplying the 20. MasterClass is a renowned online platform that is best known for its 185+ world-class celebrity and VIP instructors. , is a specialty-focused insurance. This “one-stop shop” strategy has gained momentum over the last few years and will probably continue to grow as multiple lenders cite an uptick in. Unitranche debt refers to a mixed loan structure that combines the benefits of senior debt with subordinated debt into a single loan package. Group rates are available for volume based orders. The strict definition of autobiography is a first-person account of its author’s entire life. Teaches Inclusive Leadership. Ares led the first 10-figure unitranche deal in 2016, a US$1. A typical asset master record contains: data relating to the asset stored in the asset master record in the form of Fields. Clarissa Founder & Teacher, USA. e. Whether you're preparing for an LBO Modeling test or you want to learn to build an LBO model and become a better PE professional, this course has you covered. The Industrials sector comprises companies primarily engaged in: Producing capital. Our Debt / Leveraged Finance training courses are highly technical with plenty of interaction and exercises. 3% of Antares' consolidated loan portfolio at YE22; up from 18. Firm: Guggenheim Investments. When working with a limited set of measuring spoons or scaling your favorite recipes up or down, memorizing this kitchen fact will save time: 1 tablespoon is equal to 3 teaspoons. Stakeholders describe any party, either internal and external, with a vested interest in a corporation such as the management team, shareholders, suppliers and creditors. 7% - "a 2021 low". In addition to his in-depth knowledge of unitranche, PIK, mezzanine, second-lien, senior and other leveraged debt structures, he regularly advises some of the world’s premier development banks on energy and infrastructure financings. As investment in capital expenditures and working capital increases per dollar of growth, the unitranche structure has an advantage as the return on growth. How to Play the G Chord. “Applicable Margin” means, for any day, (a) if the Gross Borrowing Base (as of the most recently delivered Borrowing Base Certificate) is equal to or greater than 1. 7 billion in the third. The FAQs are a step forward for banking organizations, who now have both greater legal certainty around the effectiveness of SPV CLNs and a path forward for obtaining certainty on the. Unitranche Solutions for the Small and Lower Middle Market. 5y. 08bn unitranche to Qlik, which was an anomaly until last year. Access to Sessions by MasterClass Learn by doing in just 30 days. Starting at $10/month (billed annually) for all classes and sessions. 6, in a deal valued at about $1. 1L 6-7yr and 2L 7-8yr Financial Covenants (Unitranche - 2+ vs. On a web browser, it is located in the top right corner. Publié le 13/07/2023. Thoma Bravo announced its proposed acquisition of health-records software company NextGen on Sept. 0 MM Sold) Fund. That premium can be significantly wider for opportunistic, distressed and subordinated debt. Your first quest is on us. A master class is a class given to students of a particular discipline by an expert of that discipline—usually music, but also science, painting, drama, games, or on any other occasion where skills are being developed. As the CEO and founder of Compass, Robert Reffkin has used modern technology to revolutionize the real estate industry in the U. It includes example Agreements Among Lenders. Buy Download $347. Wayne Gretzky teaches the athlete’s mindset. 2. An important question in unitranche financing is whether a bankruptcy court will exercise its jurisdiction to enforce and construe an AAL in a borrower’s bankruptcy case where the borrower is. Stanton. 075bn unitranche loan backing Thoma Bravo's US$3bn take-private acquisition of data analytics firm Qlik Technologies - the largest such loan ever provided by a business development. recapitalizationand growthof $11,000,000 Unitranche Credit Facility wasprovided to supportthe by Agent Undisclosed Unitranche Credit. Antares Unitranche Feeder Fund I (Cayman) LP: Street Address 1 Street Address 2; C/O ANTARES UNITRANCHE FUND I GP LLC: 500 WEST MONROE ST. 0x * $100m EBITDA = $100m. Repay the Original Debt Principal at the End. Teaches Scientific Thinking and Communication. e. Unitranche Debt can structured as a individual project arrangement contains of a roll-up of separate tranches, i. Cinematic visuals and close-up, hands-on demonstrations make you feel. Memoirs tend to be much more focused than autobiographies. First is the talent. The sector is the first level of the four-tiered, hierarchical industry classification system that includes 11 sectors, 24 industry groups, 69 industries, and 158 sub-industries. Unitranche loans, based on outstanding principal, accounted for 33. Antares Unitranche Master Fund I is a direct lending fund managed by Antares Capital. The syndicated markets are flexing deals up while direct lenders are receiving renewed attention from large sponsors hungry for unitranche loans. Private credit, a fast-growing and highly opaque US lending segment, is driving up leverage in the financial system and concentrating economic activity within a small group of asset managers, with systemic risk. Unitranche loans are typically made by a small syndicate of lenders. 6bn unitranche loan from a group of 10 direct lenders, making it. Wayne Gretzky’s MasterClass is one of the most inspiring classes on this list (second only to Jane Goodall). MasterClass offers online classes created for students of all skill levels. Antares Unitranche Fund. 05% on Tuesday from 0. Global law firm White & Case LLP has advised several direct lenders on a more-than €500 million unitranche financing for the acquisition of Unither Pharmaceuticals by a consortium of investors consisting of GIC and IK Partners as new investors, Keensight and Parquest reinforcing their existing position and Unither's management team. Barings is a global investment manager with expertise in public and private markets, including private credit, real estate and private equity. Antares Unitranche Master Fund I is a direct lending fund managed by Antares Capital. Subordinated Debt represents the debt tranches lower in priority compared to the 1st lien, senior secured debt instruments. c/o Antares Unitranche Fund I GP LLC. wharton@antares. Create a culture of learning at your organization with MasterClass. In a typical unitranche facility, the lenders will document their loans under a single credit facility, with one set of collateral documents. (NYSE: SAR) is a publicly traded business development company (BDC) that provides customized financing solutions for middle market companies located in the United States. ”. Unitranche - seen in both, but an additional solution in non-sponsored (HPS, Ares, Comvest, Owl Rock). 4 Step 4: Decide On A Business Model. Aug 18, 2023. markets for a number of years, and have recently been making their mark in… USA March 20 2023. Last week, the CLO market saw Chapter 11 bankruptcy reconstructions and new company ratings. Hence the configurations which determine the fields and tabs available in an asset master data play an important role while designing the asset. 4 of the Top 5 Private Equity firms globally use Wall Street Prep to train their incoming PE Analysts and Associates. 6 billion unitranche. Unitranche Debt is structured as a single financing arrangement consisted of a roll-up of separate trickling, i. The concatenation of highest-priority. March 12, 2014. Similarly, first-lien leverage (with second lien) is up to 4. 1L/2L - cov-lite or middle market 1-2) . Golub Capital started its relationship with Risk Strategies in 2015, when it was a $30 million EBITDA business. group of bank lenders). Long-Term Debt Ratio = $70 million ÷ $140. The Company has elected to be regulated as a business development company (“BDC”) under the. Unitranche financing is a unique debt structure that involves a single layer of senior secured debt, without a separate subordinated debt financing. Fund Family. Teaches the Art of Negotiation. Broil: Broil a sirloin steak in the oven on a broiler pan or. 5 billion euros ($1. B&R Capital Partners is a leading Multifamily Real Estate Investment Firm focused on investments throughout the Southwestern United States. Capital raised by mezzanine funds accounted for 16% of the total raised across all private debt strategies last year, surpassing distressed debt as the second most popular private debt sub. Capital intensity matters. 9x; today it stands at 5. 2. This article provides an overview of traditional unitranche financing in In a unitranche facility, an agent holds a single lien on the collateral on behalf of all the lenders. Back in 2013 single-tranche debt was 4. Unitranche. Cinematic visuals and close-up, hands-on demonstrations make you feel. 2. comby Geoffrey R. Written by MasterClass. Unitranche loans accounted for 28. Unitranche. Second lien or mezzanine debt; Fixed rate and PIK interest options; No amortization; Maturities up to seven years; Equity: Minority equity through co-invest; Preferred equity structures; IndustriesUnitranche debt is a type of debt that combines senior and subordinated debt into one debt instrument; it is usually used to facilitate a leveraged buyout. 475-266-8053. Already a dominant form of alternative financing in Europe, unitranche loans are beginning to appear in Australia and may soon be. Churchill, an investment-specialist affiliate of Nuveen, provides customized financing solutions to middle market private equity firms and their portfolio companies across the capital structure. Recap Bonds: Let’s ignore Recap Bonds for now and return to this later. , according to people with. With more. Private equity owned. The second quarter saw $9. Buy Download $347. Explore the art of creative writing with acclaimed novelist Margaret Atwood, author of The Handmaid’s Tale, in her online. This CLE course will provide counsel with context for negotiating intercreditor arrangements by comparing critical aspects of the most common arrangements--first lien/second lien, split collateral, senior/mezzanine, and unitranche structures. 64 billion unitranche facility to refinance Risk Strategies' existing debt facilities. On a semi-annual basis, deal activity (256 deals) fell 36. The following Short-Form LBO Model tutorial will walk through building a simple LBO model step-by-step in Excel, with a template provided. Teaches Songwriting and Producing. Subordinated debt – as implied by the name – is “subordinate” to the senior debt tranches, which typically consist of financing capital provided by traditional banks, a syndicate of banks, or a group of. 2 trillion world of credit is getting exposed as the Wall Street rout deepens: Private debt is now the cheaper financing option for big-ticket leveraged borrowers than the ailing public market – upending industry norms. e. 08bn unitranche to Qlik, which was an anomaly until last year. 2. The last 18 months have witnessed an unprecedented level of new product innovation in the Australasian leveraged loan market – the space traditionally dominated by bank-led leveraged loans has been shaken up by competing products in the form of the Unitranche and the Aussie Term Loan B or TLB. 5x. What began as a financing structure most often used for loans of less than $50 million, unitranche loans are now regularly used for financings exceeding $1 billion, and in 2021, up to $3 billion. 646-502-3549. With $47 billion of committed capital, we provide first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments, secondary solutions and private equity fund commitments. The borrower received one set of. Overview. In this article, we provide a brief introduction to unitranche, focus on the intercreditor issues which can arise when it is combined with a revolving in unitranche financings must understand the related legal issues in order to adequately mitigate these risks. Some 12 years later, recent distress in the banking sector has thrust defaulting lenders back into the spotlight as market participants focus on. Subordinated Debt = 1. Industry-Specific Modeling Private Equity Masterclass Project Fund Modeling FP&A Modeling Certify Banker & FIG Modeling Oil & Gas Modeling The Impact of Tax Reform on Financial Modeling Biotech. Unitranche Debt a structured as a single financing arrangement comprised of an roll-up are separate tranches, i. The takeover is expected to close in. However, in 2021, we saw pricing on unitranche facilities provided by private credit funds and other direct lenders squeeze first-lien and second-lien debt financings on pricing. The loan pays an interest margin of 6 percentage points over the Secured Overnight Financing Rate, they said. Investopedia / Dennis Madamba What Is Unitranche Debt? Unitranche debt or financing represents a hybrid loan structure that combines senior debt and subordinated debt into one loan, allowing. She has over 20 years of experience advising on financings,. To add a new profile: Log into your account. foremost and moment lien. In contrast with traditional loans. H. Key terms in Unitranche documentation: The course covers many issues which assume greater significance in unitranche deals. Because unitranche financing combines multiple debt tranches into a single financing, a borrower with a simple capital structure would appear to have only one class of creditors. Next Post: Markit Recap – 11/9/2015. Unitranche is a flexible kind of financing, to assist finance acquisitions or ownership changes. While BREIT buys real estate, the Blackstone Private Credit Fund (BCRED) lends money to companies. Teaches Inclusive Leadership. 5 billion ($4. unitranche financings must understand the related legal issues to adequately mitigate these risks. MasterClass is the streaming platform that makes it possible for anyone to watch or listen to hundreds of video lessons taught by 180+ of the world’s best. Instead of separate notes and security agreements for two classes of debt with an. Hence, a central theme in business is the effective management of these. 1. Unitranche Financing. The funds will be used to refinance the company and support its merger with Mantis, a provider of warehouse management system software. 10701 S River Front Pkwy, Unit 200 Unit 200 South Jordan, UT 84095, USSee the latest Crescent Capital BDC Inc Ordinary Shares stock price (CCAP:XNAS), related news, valuation, dividends and more to help you make your investing decisions. Unitranche Debt is structured as an standalone financing arrangement comprised of a roll-up of divide tranches, i. Unitranche financings combine senior and junior debt and are generally targeted to small companies that have limited alternatives for obtaining credit. Please use the search box to find biographies of additional investment team members. 4% 1 decline compared to the previous quarter, and a 47. In 2019, the market-leading direct lender acted as Administrative Agent on a $1. Unitranche loans, which increasingly dominate European private debt funds and also play a key role in the US market, were only invented a decade ago. 6% of Antares' consolidated loan portfolio at YE21; up from 18. George Muzinich Founder & Executive Chairman New York. Welcome to Wall Streets Prep! Use code at box for 15% off. 6 bln fund - Reuters. Andera Acto is the sponsorless / flex-equity franchise of Andera Partners. 8 billion including debt. offered unitranche financings at six times leverage. You can search by Company name, or using the refine tool to the right to narrow your search by Loan Size, Type of the Financing. Unitranche debt is a form of flexible financing, typically used to fund mid-size buyouts and acquisitions. 6 billion in the second quarter of 2021, compared with roughly $3 billion during the second quarter of 2016, according to data. Now he’s demystifying the ins and outs of the American home-buying process and sharing tools that will help you buy or sell a home with confidence. Contact our enterprise help desk by phone or email, and we’ll ensure that your questions are answered. Crestline Direct Lending provides flexible senior debt capital solutions to lower-middle and middle-market businesses, with a focus on senior secured, unitranche and second-lien opportunities. Unlike traditional senior debt, which is provided by banks, unitranche debt is typically offered by specialized lenders, such as private equity firms, hedge funds, or specialty finance companies. Industry-Specific Moulding Intimate Equity Masterclass Project Funding Models FP&A Modeling Certification Bank & FIG Modeling Oil & Gas Scale The Impact of Tax Reform on Financial Modeling Biotech Sum. 2bn. The defining characteristic of a unitranche credit facility is a single credit agreement among the borrower and its senior and mezzanine/junior lenders, with intercreditor arrange - ments addressed in a separate agree - ment to which the borrower is not a party. After the transaction closes, the combined BDC will have $13 billion in assets, which Ares. 0000-00-00. Europe since 2012. A secret in a $1. , that your website visitors can download by entering their email address. A screenplay is a blueprint for a feature-length movie, short film, or. Teaches Cooking Techniques III: Seafood, Sous Vide, and Desserts. Our end-to-end product portfolio includes 16 leading brands with a full offering of PPE, safety, and tool and equipment solutions. Diversification benefits by accessing transactions and issuers not available in public markets. Direct lending funds face “deployment issues” due to increased competition from banks and fewer deals in the mid-market space in Europe. You can learn on your own terms—in bite-size pieces or in a single binge. This article provides an overview of traditional unitranche financing in the US and looks at recent developments in this area.