Two very different risk exposures under the same 'private credit' tag Loan-Based Credit vs Claim-Based Finance: Are You Funding Borrowers or Funding Flows? Private credit is often treated as one monolithic asset class — but not all “credit” is the same. This article draws the line between loan-based credit and claim-based finance, and shows why distinguishing borrowers from flows changes how you underwrite risk, liquidity, and return. Luc • Private Credit
