Alternative Credit - Understanding the Asset Class (Self-Study)

Alternative credit is a broad term that we at First Eagle use to describe non-investment-grade debt facilities, both public and private, outside the scope of core US fixed income, including direct lending (both single-lender and middle-market “club” loans), syndicated loans and high yield bonds. This presentation discusses the potential benefits of the asset class, having historically offered yields in excess of those available in traditional fixed income markets in exchange for additional risks such as liquidity, credit and/or complexity.