A Private Debt Crisis

This story was originally published on HackerNoon at: https://hackernoon.com/a-private-debt-crisis.
Private credit’s rise has made leverage feel routine. Higher rates should push private capital back toward durable, unlevered value creation.
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Private credit has made leverage feel normal across private capital, but higher rates are exposing how much performance depended on cheap debt rather than stronger businesses. Patient, unlevered investing offers a more durable path by focusing on cash flow, operations, founder alignment, and long-term value creation.