Private credit investing is a necessary component of high-functioning capital markets and economies. Capital can stagnate and economies could grow below their long run potential without mechanisms for financing smaller companies, clearing bad debt, and unlocking value in distressed companies. Private credit investors are both credit providers and “cleaners” of capital markets. They provide credit, throughout market cycles, to areas where large banks and credit providers are unable or ill-equipped to go. They also play a vital role in cleaning the capital market fish tank through bidding processes that allow prices to reset and distressed markets to clear. It is during the recovery from a crisis that both of these aspects of private credit are particularly attractive. The private credit vultures and catfish leave rural roads and small streams and head to the city and the ocean to clean-up the detritus of credit excess while the private credit lenders enjoy a period of abnormally high coupons and safety. It is a time when returns for locking-up capital can be rich and risks low.