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Where Venture Debt Fits in a Lower Middle Market Capital Stack
Where venture debt fits between the bank that says not yet and the equity round that costs too much, laid out layer by layer down the capital stack.
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Independent analysis · No trade calls
Peter DeCaprio Insights: working notes on credit, public equities and market structure
This is where I write down how I think, not what I would buy. For roughly three decades I have worked in credit and equities: lending to companies that banks pass on, underwriting private credit, working through distressed situations, reading high yield issuers and closed end funds, and following telecommunications closely enough to know where the cash actually goes. Most of what matters in these markets is mechanism, not news. Who gets paid first, who controls the process, what a lender can demand, why a discount refuses to close. Those questions do not expire, so the articles here are written to be useful in a year, not a week. There are no trade calls, no forecasts and no charts of last quarter. Just the reasoning, laid out plainly enough to argue with.
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Where Venture Debt Fits in a Lower Middle Market Capital Stack
Where venture debt fits between the bank that says not yet and the equity round that costs too much, laid out layer by layer down the capital stack.
Reading Distressed Credit Cycles: Separating Value From a Value Trap
Five tests I run on every distressed credit before sizing a position: the business, the process, the outside value, the time horizon and the exit.
High Yield Research When Rates Stay Higher for Longer
A letter to a younger analyst on what changes in high yield research when the cost of money stops falling and simply stays where it is.
Closed End Funds and the Persistence of the Discount
Why closed end funds trade below what they hold, the three mechanisms that keep the discount open, and how to tell an opportunity from a warning.
Telecommunications Sector Analysis: Cash Flow, Infrastructure, and Consolidation
Three lenses for reading a telecom company: the cash that survives the capital plan, the network and its replacement cost, and what consolidation does nearby.
What Disciplined Underwriting Actually Looks Like in Private Credit
A stage by stage walk through one hypothetical private credit file, from the first read to the year the covenant tripped, and the lesson at each step.
The Case for Contrarian Positioning in Public Equities
The case for contrarian positioning in public equities, made by putting the three strongest objections to it first and answering each on its merits.
Why Active Management Earns Its Keep in Dislocated Markets
An honest scorecard for active management: where the index wins, where the rule breaks, and the market conditions in which a manager truly earns the fee.
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