Credit funds, according to an article in Private Equity International, are increasingly interested in lending to funds. Rather than competing head-on with banks, the story is one of carving out a niche where expertise and returns align. Crestline Investors and Validus Risk Management are among the firms highlighted by PEI. Based on our book of business, we estimate that about 11% of U.S. fund finance facilities originated in 2018 paid margins of 200 bps or more over LIBOR. The full PEI article is available by subscription here.