The private debt landscape has changed significantly since PDI’s March 2014 profile of KKR’s alternative credit team, which included Erik Falk, the firm’s former global head of private credit. At the time, there was a supply-demand imbalance favouring fund managers, which is hardly the case today.
“Simply put: when it comes to private debt, there’s more farmland than there are farmers,” we wrote at the time, riffing on Falk’s comparison of the private credit world of yesteryear to Iowa before farmers arrived.
