Private credit in eight lessons

Eight short lessons on lending outside the banks: who borrows, who lends, how the loans are priced and protected, what happens when they go wrong, and the fund structures investors use to get in. Each has a worked example and three questions to check yourself.

8 lessons · about 41 minutes in all · 24 check questions · free, no sign-up

Start the courseLesson 1: What private credit is, and why it grew

By the end you can

Explain what private credit is, who borrows and who provides the money
Tell senior, unitranche, second-lien and mezzanine loans apart, and who is paid first
Work out a floating-rate coupon, the effect of an OID and a PIK loan’s growth
Read covenant, default and recovery figures with the right caveats
Know how BDCs and interval funds work, and the limits on getting money out

Lessons

Take them in order

0 of 8 lessons done

What private credit is, and why it grew5 min
Not done
Direct lending and unitranche5 min
Not done
Senior, second lien, mezzanine: who gets paid first5 min
Not done
How the loans are priced: floating rates and OID5 min
Not done
Covenants, and cov-lite5 min
Not done
PIK and the signs of stress5 min
Not done
Default and recovery5 min
Not done
BDCs, interval funds and other ways in6 min
Not done

How it works

Read a lesson, then answer its questions: each answer shows why it is right. A lesson is done when its questions are answered. Finish them all for a certificate you can print. Progress is kept in this browser only; nothing is sent anywhere. Every lesson lists the public pages its facts were checked against.