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Message: [QUOTE="CIL, post: 5304933, member: 22"] They are two different things. Much like a bond fund or stock fund. Your assumption that PE is going straight to an AD department is most likely incorrect. They aren’t. They would most likely invest at the conference / entity level. I could see private credit firm going to an AD department though, or vice versa. Banks aren’t going to lend (or really can’t due to other reasons that I’m not getting into). If a department can’t raise enough for new facilities, etc. they could very well take out a loan from a credit firm (and some firms do both PE and direct lending). Such as, we’ll give you 100MM but expect it paid back in 10 years and backed by XYZ in case you don’t pay. [/QUOTE]