Private debt

includes borro­wed funds provi­ded prima­rily by insti­tu­tio­nal inves­tors usually outside the banking sector. Private debt is defi­ned here as the provi­sion of debt capi­tal to compa­nies prima­rily by insti­tu­tio­nal inves­tors outside the capi­tal market. Debt and mezza­nine secu­ri­ties, most of which do not have an invest­ment grade rating.