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Rising inflation may spare smaller middle-market lenders

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

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Art Penn
PennantPark

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

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