[mbesto]

Guy who works in the PE market here (not a PE shop myself) - this comment is correct.

[meetingthrower]

Correct. One niggle in that PE can access private credit as part of the capital stack. One flavor of debt in the ice cream store.

[refurb]

If you work in a PE shop you’d know it’s not riskfree and that the PE firm also puts their own money up plus money raised through LPs (hence “leveraged”)