Rising inflation may spare smaller middle-market lenders

PennantPark bets that picking the right entrepreneur can protect private credit from rising prices

Art Penn

Marlow Hernandez keeps a picture of the day he stood in the beige conference room of InTandem’s Manhattan office to pitch his business to a group of mid-market lenders. The private equity firm that had taken a controlling share in his Miami-based medical centres needed money to help him expand. So it had invited some private credit firms to hear Hernandez plead his case. Their questions lacked imagination, recalls the doctor.

“We felt we were making history,” says Hernandez, the boss of Cano

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