The Complexity Premium
Structured credit as a tool for real-economy operators, not a product in search of a story
Private credit has migrated from a niche product to a mainstream allocation — but much of the complexity that earns a genuine premium has been priced out in the process. What remains is often complexity for its own sake: structures that look sophisticated but do not reflect the underlying economics of the business they are meant to serve.
This note looks at where structured credit still generates real return for operators and principals, and where it has become a cost dressed up as a solution. The distinction matters most in the mid-market, where the line between a funding structure that accelerates a business and one that constrains it is thin and frequently crossed.
The argument is simple: structure should follow the cash flow pattern of the underlying business, not the other way around. When it does, complexity earns its premium. When it does not, it just compounds risk.
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