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Covenant Lite

CovenantLite

Allocator at Top 5 Fund of Funds, Private Credit focus, Niche Strategies preferred. Weekly articles on private credit topics.

Platform
Substack
PricingOnly free issuesPublishesWeekly
Issues53SubscribersRead covenantlite.substack.com

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Latest Issues

Recent posts by this newsletter. Browse the email archive.

[Re-post of CL #1] A History of Private Credit

I wanted to re-post my first ever article on the history of private credit because many of my new subscribers (which now number over 3,000! \- THANK YOU) haven’t read it. And I think it lays a good foundation for the rest of what I write ab...

18 days ago
23
2

Blue Owl on the Ropes

Boxing lore has few scenes more enduring than the 1974 showdown between Muhammad Ali and George Foreman, the heavyweight title fight famously known as the Rumble in the Jungle.

a month ago
40
13

How Ares Built an ABF Platform the Slow Way

In Moody’s Private Credit Outlook 2026 (Link), the firm forecasts private credit AUM to double from $2 trillion in 2026 to $4 trillion by 2030. On its own, this isn’t notable; its in line with predictions from other firms. What’s notable is...

2 months ago
27
3

Everyone Becomes a Bank Eventually

Henry Ittleson was 37 years old in February 1908 when he incorporated a modestly named outfit in St. Louis: the Commercial Credit and Investment Company. His first product was receivables finance, advancing cash to small businesses against ...

2 months ago
26
2

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  • CovenantLite

    Allocator at Top 5 Fund of Funds, Private Credit focus, Niche Strategies preferred. Semi-weekly articles on private credit topics.

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