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  "documentTitle": "2024 Q1 Investor Presentation",
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  "notes": "Includes a list of private credit sub-sectors and a total AUM figure.",
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      "text": "Note: Private Debt FOF = Private Debt Fund of Funds; CLOs = Collateralized Loan Obligations; BDCs = Business Development Companies; AUM = Assets Under Management. 1. Source: Preqin, June 30, 2023 and market feedback.",
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      "text": "Market has grown rapidly; remains opaque, lacking oversight and untested in current market cycle. Credit risk heightened by reduced transparency and rising leverage; industry concentrations key. Investors typically pay higher borrowing costs.",
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      "text": "Constitutes loans, bonds, and other credit instruments issued by private companies or in private offerings. Market has grown significantly since the 2007-2008 Global Financial Crisis. Most direct loans are small and unrated.",
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      "text": "Delivering MIS insightful thought leadership. Providing MIS private ratings and independent credit assessments. Enhancing MA products to provide transparency. Established MIS Private Credit team. Expanding MA sales pipeline.",
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