With private credit lending in a state of flux, some lenders are moving up market and large players are moving down market in search of yield. In the third installment of Institutional Investor’s Fireside Chat Series, Ted Denniston, Co-Head of ORIX USA’s direct lending subsidiary NXT Capital, dives into why we continue to focus on the lower-middle market and how this focus has allowed us to establish relationships and build portfolios that can withstand economic shock.