The ABCs of Private Credit

From A to Z, this playful alphabet book turns the world of private credit into a story kids can enjoy and grown-ups will immediately recognize.

Each letter introduces a core concept from the world of credit investing, from Amortization and BDCs to Yield Spreads and Zero Coupon Bonds. Along the way, young readers will discover Covenants, Direct Lending, Equity Cushions, First Liens, and even the dreaded J Curve. With simple language, colorful illustrations, and witty nods to the realities of deal structuring, credit committees, and Quarterly Reporting, it is a fast, fun read that doubles as a surprisingly sharp primer on how private credit actually works.

Whether you are explaining Hurdle Rates at bedtime, debating PIK Interest over breakfast, or just trying to make Mezzanine Debt sound exciting to a five-year-old, this book has you covered. Topics span the full stack, from SOFR and Unitranche to Waterfalls, Variable Rates, and everything in between.

Perfect as a gift for credit professionals, fund managers, capital allocators, and anyone who has ever tried to explain what they do for a living to their kids, this is an ABCs book with just enough truth to make you laugh.