{"id":46,"date":"2026-10-17T11:01:41","date_gmt":"2026-10-17T11:01:41","guid":{"rendered":"https:\/\/globalriskalliance.com\/private-credit\/?page_id=46"},"modified":"2026-10-21T11:49:42","modified_gmt":"2026-10-21T11:49:42","slug":"concentration-and-industry","status":"publish","type":"page","link":"https:\/\/globalriskalliance.com\/private-credit\/topics\/concentration-and-industry\/","title":{"rendered":"Concentration and industry"},"content":{"rendered":"\n<!-- Nexus network page \u00b7 https:\/\/globalriskalliance.com\/private-credit\/topics\/concentration-and-industry\/ \u00b7 source authored \u00b7 generated by integrations\/wordpress\/network\/build.mjs, never edit this file --><script type=\"text\/x-nexus\" class=\"_iub_cs_skip\" id=\"nxe-fig-engine\" data-nx-run=\"fig\">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<\/script><script type=\"application\/json\" class=\"_iub_cs_skip\" id=\"nxe-gl-sf-asset-geocode\" data-nx-pack=\"deflate\">fLt5lF3XWSe6z7DPfM6day6pVJIsyz5VvufcWZlsnNhkAtMJNOAlusuyHOvFkYwkhxeCF83qt97rBQv60Q8W\/WC9hhV46V6hoekAAQIkIRhncpzEs6xZpRrurTuf+ewzvLXPHaqcpp\/\/kEq7vvvt7\/v2b3\/f7\/v29e8fA+Czq59ePaWrq588+5nVU6uXnjq1cenS2ctrnzh74cyFJ8+uqqufPHf+ydVTqz+8\/MTGpbOrpz67+uzFC\/8L\/vvy6qnVs2dXn1dXn7q48amzq6ceX9PqRXWtUlfx3\/XyaXX1wuqpx4tq8bS6+vOrp4rrxYq6+swG1v7Z1WNPJL\/TqlqpePp5dfXMhY1Ll6e\/SJbVWkkvn37+eXVky6XVU49\/dvX86qnVhy+cv7xx7vzZiyuXz1781LnzG8+sqok9\/+LC5ctnLz658Snsxuqp1R87e\/npsxfxlpdWVex3fWSJuvrs6qnHK9p6QyuW1PJ6uV4q1k6rq+ew4\/W61qg+8URFbzyF\/1tVV89MhEsVPZGulCvYu6eeWj1VapTV1ad\/cfXU47qqqUVVU\/XT6up57MTja3qxolZLVXWtpGmqVqmrlbq6pum6WimV1FpVrZYaaqVSVvVaUa2XyqfVxycrY4FGsaSu6cWyqpVqdXWtomrlelkt10qqpmlltVbRT6uPr9XqVXWtXFTX6g1dXatoWFIvqWu1Rl1dK9fVtWqxON16Ystp9fHp0kSmhP9RrxfVWqOmrlXr+r4BI4PwblqxUlRrWk1d07RKVdVLDXXfgomj+65XahW1oeFPlmoVVStp+sTdqfsTX1RN14uqppeKar2C9WhFvGG52lA1HOeJrn3tE01T1VVVqzT006efV0dQ+ciFT5y7dPncmUsrz25c\/OQYJj964blLly+cH4PkJ8+fu3z2yZWPXd64fHYMk2oCE20EE72xXmvUyzV1rVFZL+l6+QBSyuXqmVKp+ORBpCTy5epEvlyaQKVcaYyhoqklFcOlvA8VHMq1Rr2mlvDxVRtlVcdnoOn4jBp1VStX1LVqTVfXtOS0Kpq6VtMwZA6sTgV1raHWtJGI2qiX8FnV62q1UcQ\/VWuqpuOPTreo1TRVq1bUGj7akqbqlYqqFYvlA5rGuhMEaHpZXdOKxdq+IQeNm+ygrmlVDAqt2sB\/aBgopURDtYjF6uWquqaVKuqaVqlgGycxOKD14F4avq1rWqVWOq0+XtdK6lqjWlU1PfkEvhN6FSss7vszdXASVQzDKjaprlcS5KxplZKuTpVNo3\/AmKmF+7D68aeeOnfm7MrlC79w9uIYVB89t\/Gpc\/9zSNUOZh69sl6rV3Go6sV1vVzSKwchtaHVn3yi8g5IYfnSVF6vNKbpp1wcY6qkltXKOzClV9W1eqWqYtytVfWaWiliz4u6qhVrqtYoqWslvaauJQkK47VSxfetXtHVtYaOb2O9MgqGVsK68DE2SkmY91VNlON0MlmbCDVqJRWfZKVeVBvlqqqVa2pNq0+2T1ICxkG1VlXrWoKeck2d7j+1e+LImoYPolRPskK9iCFSb+zbfsCdml5U9eSctUpJLWH4avhQywkCpnKTOEwMW9OxlUUMhirOgvXyVFWSiBJwV4uNfUv2bdu3Yt+yehnvXNLK+8j5+IVnnlm5eGHjyQlszv6v585cWHn43OXPjMEzWhmhppKgRh+hRmusl6vJdWg01rWSlqBggppGo\/JEvfgO1GD5Sk1vjOVLxfo0E1Ur06JVVnW19I5MhAOhFYsVtYT9wlWghK+ulpxQggYcn+RONzR1rYrDWxtFSNOKoxtY3l8\/KKtpdU2t4NhVsW59nBgwsEv1JDHsi0520kuaWivq6lqtXFYbyRHgpFRN8sJIH\/5kJVFbxyWvriVZYvT7sS8HzDlopFasJmdaSVIK3ryh11StVMYOFEuqVsKypbJawxlZ0\/ZDMQkORvFkbSJUq1TVWl1T9XJJ1YoYIlMnxm6dVh8vl\/QkDxXVRpLcyo2qOrVgGvqDLkz82kfT+89dunzx3BPPXT534fzKmbPnL188O8bVx\/7xDy+sPLbx3DMXxrD6kYsbv3jumRGsygfr25peWq9U6pWaulaurldLlXp1H1cbda1YPFN84iCukg9Ui+XG+AN1fPvH6Ug\/CKziP1PianpFTY69jO9erZHcwbVSqaqWkjOuYh+x7zVNXauUMKqSa5gcho6vnl5PGEND1fWGWi2W1bJemWqaqD6tPj5ZmohUcCnEZEVTNQ1n\/rKO0051ujs+E+yUVi5V1PoIPlpVnW4\/NXvfk7Wk4OilRkLDJrZPvZnu0CjjpJtcIJwnRgVGr9UwVU4yS4L4Cj6DicZ37DIOBgZCAyec8ggTSfmsaiNWNv3FvvTUosle6po2QmEpQT02qFo5QJce3bi08iwuaivPPrNx\/vIYSx\/Z+MSFSxNKfe4TZy+e2ziYnkojHFXXy6V6raGW1ku1il7ax1Cl3jjzZPXJd5AkLNyo1hPhevEAfiYUqayWVe2dbLpSUsujKqCrdVXHKbhUbqhVfC30Sj25cVqjqJa1slrBLA0neswn8aUva41RjRlrGQupFa2kNhqYWFdVrVRJYjlOSJiB4JyOE0epghN7va5iRKxhejzdf2RPUpLqVbWma5g2VFQdA2iqaWTz1IWxNQm4R0ZPvdCKyRlqZcx\/yyMmr+F\/rtUw1ynXVL2OrZzuP7WoPOJ5lZLaSMwqVvUD2iYb4EI99nkSg4kNE+04\/2FPGmojuUP16j5CfvTCpWfPXd54ZuXMhfNnzl66dC7h0RglP7Zx7uKFJyYU6MNnz39mjJLSwSK2pq3rjVqxppaq63W9iOvxBCe1jerZSqX0jhqWiDeq+ki8pFenSKmX3pFpSgeQkkS9plVHtA53L+VKSdVLE\/aDCUbCDDEVrCaNEqYFydVcw8RFq+Ad6zjexZKKUzQma7WyPlU00YxzxnhpIqInKKkl5a2masVGkid1tVKvTvfHu1WS\/F\/EvLWmj7nDvglT06fONGqjlmtUaJMP4+I0tv+AR2sJgyonV7w46ltwER5R2XpCgPZlpwE5YKKG+V0jqbO4X9xXmOAVb1ytlvbt2Tdxasu+eXrSwNTKxf+BPJ\/Z+NSzz10ag+dDF57eOH\/+7KUnnrv4iTGCPnbhuctPrzz01MVzZ94BpGnZqq5rlSIuJ\/X1ot6o6ftIeuLMmVJFf6L2zqpVXdfK1ZKeyJeKujZlQ1MOrY2htF+0SkkLrVa1ilpJyks1YbJrpWJxVCIqGoYyvniYSCQdsoYTbaWWNK0JAIqja6hV9Lparuu4japOVY1VJxRmomuqvYrvdympG\/i+a3rSTpUxmRihua6reiNJB2N1U\/2YO2n1RgUfHP4JDwT21Y13wMkAp7dGpaTWMFTKZV0d+zzxSF0r4QqYYCPphIp6Qrj2V6eC+8EYG4btxvjHhG0MwyQDaSUM71KtiIPSULVyUZ1GbRLrsRkTsw6Qno3LG+8kO+9\/7omNH+q9Hrq48cTKBz517uIPd\/X7LZhe1mo1tVJZ16uVgw1YaePMk42ztR9qwPRSo14dSddq+2lI06b9VyUpWJUD4x985eqjxhXfb10tJ0wUl4myPuIJlSrmgw21gluJ0qjLwFcWH9KIHpfqNVUvJy2ohq9owgmr2r6uqXp8mmN1U\/2antQbnFsqjdJIVitrVbVUraiNoqaW65i8TJXt69eK4+YZN26YLzVKlQPqJjtgkxv46LDF9aKulmrq1PORV+MZA05I1XJJrSeWTtfGMhPLxzapNb2sNqplFXM+rZgYuaZhgbXSqFlPmiwMkWm8pmHej\/zIoH3sPHbh4uUfnhp+9LlP7cPng+efnLCb2g81X8USbhxq+nq9pFcOcORqsf5EceOd40IsrjfKY\/FyYx8wxYMM550NexV3w7goV3Hy0PAYpqQmbb+GO+ni6O+1Mo4Kzsi1YnLzK0l60KvTxQNyaxV8\/fBsLRnwjYggzscJnJIZ0HgPvVJW6\/hjWk3Hm+NQNupqHY8E8Q96Y2pHchTTHSa27QsV9bKqjWpLBSeFyr4ZSXrErWUDe1isqA0dUxN8\/ava1IaJTeM4jD6UgBdzIA3PpfBcYRqvqeP7sagmfpaTK6UlZBgnpuQnDfOiiRGTUE91TdXvg+aD5598DvdZG88cnCK+\/+mNT25MmquN8594ZuPJs5eePthgjYmxXlqvaY1aXW0U18u6XjuQa0pnntJqVe2d88PSek3Xk5uwXtbLjWnXXqrWx9CpjMnxAegkgU9md5VyJZl9JNMtvVxWKzgUeg0Pt1QNF4QRC8RhWKvj2fJ4bSq0VqvhnI1JSUKZa\/isS8ksozi6uxPBqXo8q6uPWhetro7GezqmBvq+tmTPRBWmPMVKwr01vVRW8S2dmD72REuGhnqjmBw+zil1nM0mq1Oxie1Tb6qlpP4k46Wpci2hYhhStUZV1aqlmqo3dHU8wRnFamxAUktHK1ORtaSXTGYT1aS+JlGZuDwOwj+Ll7OX8AxwjBiMkk9e+OQYMx9\/euNc8hpyoJUacxuttF6r6MmgrrheKeoHu6lqeaP8hFZ6Z7bB8iXsWSJf1vefJ4rVH2rID9DkUReKU3lFLVdGfXkyt8IBreC8U0oa7pqKB7pro05TGw8k9Mb4NMqVsjpVNREcdSUNXOBGLKCWHGQVN6k6PnZc1kv4Iuo1XcXLEyP2VU20J5uOtU31T01LcLGmYwpSTzJ+GSemZGKt1WrJaY68SnpBXPWSxlqrNpLTxMM\/3HbXMFJw7Rv7njCcyRbTeEylNL2qqdXxeE9XMQwmdiS4GzullXD3hv+FHxC0arG6b8bErrHj\/9ybxdPPPTF9slh5+OlzKx89d\/7pg7PCnzp39vL55LlrmnQm9aq4XqthwGvF6npNq2LyPoVQ5YlKtVp9B8MZyeOTSeRr+50WzocHh4UHIYRfb9ZKtZqa9KsN\/GZTU8fZVlMT6lfWx0wGh6daTAI7XdsXq+ORXtKylEo1dTRlSRggrgtrDcx7K8UEQ+MddG3SXGFSrJVxiqhVGrhlqx1QN97gtPp4o5IAsV4ZT2JwwzK1f2wcPuoRcNRykkcqWsJ1p6tTuX0XJrYlE5lRjmyoaxUMQ208iUoiUsY7Vxo4teABVEnFKiZxmxoytW2U90ZSGh5SNxo4v+N3Lr2x7\/0kHGNF\/\/9PFBvnzz0zKVmPPX3umXPPPnvu\/IQelw\/SY628XqmXa2UczvVGrVg98OhVbZTPnilp74QPlscZcSRf0kv\/Y6M+ITwHRjp4DlVJyoOGxxEqfmRa0zGhwC9V5YZaq9YSNliqlNR60m5PViYSI2YwKu6NZCqPU3VNH1GMZC6U8Jypag1PaHBdqyTdTNLvJzPaRlE\/oG2sP4Erfl1MxrUVPMYZNbgjw8d2qWXMK0p4yodTC2aHj0+XJjITyydG4RYtYdS62tDx1amO31fLJXU0B0\/SYFKQk1Efnu+MA7UfubFJyQByKjV+udBHPdaaVkw6gbHf00iMle1j5mMXntm4uPLUxsVPTabIZz997plnzk468mc3zp3\/Z8pVqbZe1is4RVfWG+WKdqBalRramVpN1w5iJREv4aSLxeulfaiUygceSIs42xxopvSKmjwX1TSMejzzwsQDn\/IajvIart\/JJAPPLnStqCa1vFYsq7j4jxb2BSqjWoFLLB6MVZOCg7uL0SHs69b02vj3a8nNw3kAz+JHb4RJKhgR66Q\/HhuSXPrxTvvWHZBMoIdfRCuJSjwomFg0eh9NOEtlPPBNIIFnLeUEQPshmAYF18VGKXmMwOUaS07W9qXGMZiEpFbV1bo+mh5PVWt4jKUnU6gETniadTAG+4EZG\/E\/f9r62GeePH92Uqkewoxo45lJb\/WOXnytVFqvN+o4eVe0da1R1Q5Q5CfOFs+Wyu\/MNuMPJJM6\/IHi6NsmyTCnsd+Q4yfR8sEXCDwDwTUucRG\/AGCuikerjUpNLSWdenH04J40kniMXi4mz5RJyS8X1XLyMFRNnqXGnehEDj8xJaeUfDUi4cLlajLXObC+L3xgJ62C410efQ4XrUYCLq2W3PMyvtuNejKBw7ULf2GirCdwwc5OfJn6NrYw+X7HSKSajJWr9VGFxk6vlTAdSd7ZJjEY6RkloKll+3Ep6yW1hmushqexFdze6cXkIbB2wIEkW06Cur9HPZlmj9IW\/ppHKXnZn6oc73L69POnn4fgq1FasYGzw4bSEg8+F+3JFO2zdhialMVHDBsJNPhaZA6sQAAEvQQ68efJ1z9iEu3lXcckPPkmupUKWLPffwHuxoNFlLKodvateUsy70UEN5PP+SQjEaJLPzIDTpIfi6\/HxFdfAnHXQncp8EUv4AhyLS0uMYWlBZ5g00x8BLJAEgGgvgdeoz5hL32Lv5qxZIrbToepXSEWRAnIN47fzNwSre6VmVtMB7R\/Dvwc6P9s6r5wWXmfq9ApgY6U7qq8OCCpeYaN5\/sfjR6wF+27wTHmUbMgzHBtVqbu7R8jZ52j1LuliM56hztxWo7Teb7w2gyhzIULTr61ZHeD43sgvWjMDXwjpxSyygyJTtkLNmkPLMUOh1fCu0z7+u3hbnzX6RtxtNvbbbX6bjMOD93I0kvO8d7R4XpY6wVttql0DrGpvLhiCwNhRZlVRDnODFO7hdmse9iDileD6e79Lhsd7YEdJsyZirg8kxPkv3vQdJtr6LAv97gw7XItYrDp3epvhzfp1+PvDnrOzqsv0ZmFlcx95CE7O+xck+0F6shMfki4srHT\/tqwRQwycWY1\/LZoLALGCQ3oDQY7RjBAEfj79k3PB28Hjknb2+Ge3WSGh\/PHXH6PpkiHQ7HD+0tf9nvwVtQXvk37Ygg8F4DfBL8J\/gP+kwW36Wc9PgUWA2A1iSFELPgz+IIntlgirluriIz\/hgFv01\/2GBYptks4XMCAa\/DPXNdiv8MLcNmYZ4DC\/LFLvML48clQCUMOnGB+3vXmPD\/YhH3W4aLonhnwfbjs8X9csLk29SbT5Nj4pD8LTngZN3CORnV6BXzQm3FoZAZ3yO3wP7FgkflxJ1zyPf8qe4fJkMsMuJf5SSdYCF6kAFOIxWVA0v8F3dll5UDxPD8DBT838GmlyXddqpmBpN9rAlNQYCd+gQlZCTpy5nBBkthszPtBBszAi56x5pBEyle8LrzNW3vfl7xoS8is8lHKoSgRiQ+C\/wyveFyu\/ahL0ceNgld0st2cfdV4IFjpLkeHh37zOr+Tux1uW+F2oy0PvJm\/2NQ8mvuW+Iaww7D5f\/KJ8EWml5KpH2c9gc0vpAzhNvsWlKQ9ssf0fSu6xn6J+RLb5wtgs+BnU1wBloyhmU5nudLeqhEy9wrgO\/A\/uf5j3TvB7mCPaGYNgeAEJs+CIfyEvfRh6tQg9AbGf6G3ONCgP2cRuZbfzwB3bjMVRgIHdObrjn26O8d\/hXiVydO7XCSDb1M\/a4e2cJP12S4M6Lbo0qRT7mecvMVJ4AfwV2z02PBk+0vDHRfY3+Ft4QfH75U61MN50IG\/5ZD3OLRthn\/nvAxuMxF\/Mvo8dTe\/yOS8unksOprfZLNRoZc6Cr4E\/9RxZm7m2h9wo+imK3se\/2X3H9EXeIvZCrvpHe4MvBL\/DWtxD4Db8PrsYakSFBybUe0lYdbPttOcUBhS2TCfAn8KT7hyS5gL5sijPuN0nEPd0L1Jdrhh6mUWhCcZ8DX4Xx1iEaWMrnKbYmUQwR9znZRNDJzoJtWSiOhmOo4L7KF4iSRz4CPMv3EZhczTDvGANe8+bKT9Of\/u4Crx59weC5h0fI1t8iav6OAp5i2XO80ux\/N+QUwz741+lG5Ej0SPuI\/5ce\/Xwf3d\/96\/7n07fCFaDAwnbbzsOv7dgAKrATC\/A18K\/4n6OyGCxxWbkNyKvEXd4tLwKMtwdwUnfJQ9TPw6e115i0Uc+ABc8X0jbgpI5Kmsn7YiDpyHn3VdyTOZrajHb6VWjBMM2KJsPzzi5gOCucZ3OfAnFEA2Gx1x7cjjt1nEcL+b5FxwAVwA5\/GfHACsRQWMXSXTaIXJ3H3EYQjehREfhE7hGrfZcbnZD0sBzYN7WCZ\/BDwMSTo1L6dSiKVkn98C3UzrH3pDG1gM4NgIMSh2\/gn1qeWQ8e8CgyR8HzADNBjCiLGGggt2uynIWpnICUyaMjylQ8TMFj0w\/T3LiGzP9kKjtbc3DIf0rdRtoRWZKPJJhw9o72RTppf2KNdpp7bBW2i3x4UB5QYeMRAHYQ8O\/M2b33OCYdyDwBU25+zjm9ww7vVNpsfYM+bMJrjuAvCtub+gyPB7QigalMNE4htimO8s9SAxu5OORCtDZ0DKy3HH4GKwaNKUt9wRIDxis+A\/ENcMUzK7FJIjkQ55Gvw+8X0jcDk\/UCD4IvGfDYclHCYkIQ3+jvh1w48oj+IZ8Nd0PIzSLhGa\/A6dZ8H\/QbNmrPhc7yq0+VBY+hS4CAPzc+BzAOT9XGsle8ISeytXjxirJrAt5W7Gz2xnLfK7TLPwpvjt6G72H1DLoHtfksI8zxQgsraHw+FdWxl2Bm+6yLrteE6THHa+5V+nwsX3kfOcIC2K+TQlCn6T9l1LNFxf8Nw2MKWIo1kj2FZui4AfSKyYEdjokJCOFCbNB7TFKehm4NP96C68w7niTu6DIG2H4D65z+7mbjBbogiO8gsCLRTERpQTDwWHHYXm41UUh4fIgvWvqQWnzIKA\/u2h\/R6\/x7WiLok44hPgLepVxhhEvXbsWOyVawPj5RtZ37AIymRt4svcZmCZIXszNBzUe3vgAldAYDsTADtPpnbRi9nO3HfN734JxHZ6CI2g6Tsw5iAbsM2sAy0mjvIpQGXCbJ6SwrgNe8YblC2SshEPlF5Kov2ZtFlIkTMnwUrrYX4GHLYXGCZe4qFyU8jDgMnJQ5ZnPwx5Vuez6FibhXlvwYqJXE73vf78d9dEwVyCy6Fo8oHi8tSCIajgFPWv6A8BqbRb6ubgqcFcOwJCjwYLNgRcisvcEzFGz0tBxZobbhNNJuTpYHu3T\/QchFIDum3RWxKR+\/7stYJDeXELeqlI3OresCjQXAIvxbS486N78xZlHLFh1BlCI7snE6ITB+nQdwp+FBsQwbfntrI2t21uDkhvAG89BB6KBfBXcUf0WJtCfs5JtZkBZAYLLpcBvxa\/Ijp7wBLvMmS8LDAWSYpKRoqAFNJWbPix5Yc8+O14VtqdR1Hks47sphBJ+eTRxJ6vEl8F6S7d9hHYTvOMVEAZJ3OF7GXvOH7kpZEwYAtxionApuRSXcGBi6zorFzhzEIhI82C7HAlKLDgx+J\/5G1qYAQ9MsyJXI4Bn45\/SUhFCudDJx7ax8HHQJXvmp2UE3Zmot2h3wXDThvccdnQaUouMWRtd1fwiDuLIWNnnEyYI2XJoE0ZypEsSCTv52B6UWTZWTY8yYJvxouCPzPguB7xhgiJOQb8RdzkaYMLiLwPPVcG94OYt4lIcsluTFpmaPGRL7vzfppm2ftAFvweD2ZTOUR3+sGAbgcvD8JulhfZ43ZEOZbrdrdzXtDMGsC3WTfDux0GsaQ0zBG+8RIVGdDJMbkQuIon8+syR6cyfipaYEApfopXtuicmfUj4HLgJ+PP8vxhK\/TvUFssoNO+zIGfid\/DE7ILve9LLBBZiNgc+DfxL3IuGZ3gafu4wQWHrDm3ybWIK\/I3I5e7yodEJ6fEc878PGjFJ7gdMVJMYQfdjkEr3cvsLO3ev5PprhhyN2MfuSZGSP2H94H8MNOTnFTfdbM82ER\/6O9mzQW0ZDtxh7WJGyo4A\/4o\/GV01W6DINgNe\/PDyJXseLtj30FvkS2LHgQW7ZlRm20jr036CiPajN8x+rc90LH7A3+QD3Jdz2o2Dbdju23WlNm\/FJ0UEQ9ZbybmUjIjRBlxkZUiiudC2uFYzplFNDcXnhBYKefngJzKxDkpByh01M7L+SjL5mRJ4XyGXgV8ocDCKJtBC0MxzcWzV+8N0601h7rTce6j0ulshqIFS+iD9p1XXpYT\/14D8arr+T3xGzOvzGztPsoLMstnQ+UnwB9E\/6dvCAPKFTr+y1kyhcg9z9m7AfzAZcxhx+h6bbJtXBdC2AEds0cYgw7oMJ55xd6lArcJXd71At6lQsckt7yeZZOG7w5ahMcSyiC2eP9h0DXvdkLgMK2F70u+BGX7aJTjUgXmTjZ3hPVmTorMcMenjIdkRbjPJfifWz0UpJn5cE56Pv0eBAUBPgY+H3+YfAua0o5Iuv4t03fo13wrT8E9EgzyfXIgIt8k+7xHtpiY7KPtOYLz54h8AHZYEthhHBs9l7KCdsZcsIl\/Qi0mIqFC02wEORaIPhFyS0uZOMfnZ1jqfjgrLFCZ7OAQWpb5iBdmwhRNkSxY7ckRz8w70Mg2o5Azh23rio\/8Hd9hdok0uBE\/SGXMD4LlWSApWWLhZx47AaT7t+JN+8+vvPzmd\/\/urduL4HNxmspvSvH9f1EAx2aPWIo9vxAKFvBYoPTmg2We4bIeB5RW769AT3KHLorda4bnvhf8v2CPUFqzpGQpEePmgthLsXzEMDBYVKLsT8dg9l4AfgF8us2GaI\/a5cysZQcD33\/dcqle0HFtc9dG9p7fJY74rJ2KUiThoCg2ETTJ7b3IlnqB60eBHcSgTUfEIPBIlBmGgy3bNzx5Dfw74jrxZwTZ3Roi2vcdcuARbIf2ORQHpmvtDe0O2PHIQcfdgS4Koj5DzTiUI5k8DRay1gKQXYEEhgxYd5HLLSwQmpTtH0Zi\/u3H3n4sDX6VeMrvggD5EAHqeugwFkMGR2iWdzhAmZAODuXBOeIpHwIG0XCGREc8Goh+DHhXcF3aIfrIgmHoDV0KMTEEvwEdmZs3QNxiwl8n\/oB6gzKdsLPX7mSNaHfG6BOObMAu59Hd0JRvs69EYWaHbUo9SslkOJM7RMdhlycYgcizlIgEnomZNwUzHLDbkkf0mZiGkoGu5GwyT3PQpw2KyOwxNB\/BTmjBCO7NOLTDcllfStGhOMPvHX+vwCqbMpfqZuTZZion31aozKPmEVRtfcROGaTVRLdSn4+Gg5U7lHVSoDiTk40izKSG+QeirJdTJKknCdLAr1tiuGMBLw0PS3DxQpwyO9E8q4Dj\/CFzVp4V91jBf9fmk4Ii7tGA3BWYGSt7PCvTKVQx6X7Hl4bsXWTOGO7mlXCG4+CMwPAZyZQFoiWhfDq9LR9LISBYYscNCorDrRInreOZbiGij5KPC315lpgVTpAVhiXLKCOq4DjH8DnuAW812ArWHIbOgnfZa17aRs3Pu1U6a4iQo1bCh2w6\/HiaCD5srxi8a\/bn3ZVCzlmBq\/4JJhWuZIf8gv+497NmZlCmfyK4180MQjRPLwYfpO7pHmXm5D7P+w+SJ+1TztJ\/B842sW1nexLiHQoh+u3eX22\/4Hjy5uAl1nE75JbhdXZdAs1uhnG37zicfb3poc2239lU3A91FnkpIxD04fVH0seW0tFu32x9d67vv3TjZTPj\/YVCUrftHfof\/a+8\/uXX\/yY8bAooJ8jxTGu5R7T7u9EtZ\/PO0Hvx781tYAjmYMsLlZAQZqkMYjPhXE6eYRdy\/g23B+7kXGWXuZ73Tm7J3w++a\/eRaAHf2us6wLjL7Ua7fHO46b5KvZ67RbX917jNVMC9yTX32iZntOH3BAPsMb2tv0Wbsh1ucw49lBzKQpvSXcsuvZreYdjOy3FHJNht1M578JrT9V5GjveXnmMofgfRdnt4xEHEXd8XtsFtpzXz9+BW681BJO21+gEzMIcZImXIVhQKIvg483EW3m+f6Kx3Ufga803upjKgt+QyA3SG50zdRe6\/XzxGrPDAgFeEuGx9cNAnvoRuym8pIr3Igk34WyIquU3yFvs2C8PjDPhb2BG4HDnvLfsk9Zc8+AjzKxT9AZ\/mDgfLwy\/CFiMSrzHgffQ3CPLrHGQXvUM2mAX\/CNfpbJFHs+fph9lV6oSr+Ib9Ffsrna9f+Xqf7p0g\/pz34TUxhAUhzt5LdvJAp+8TO2wbfGuJubNptvPDWBr0jUxwEqTgIpE3F0k+K7gkb8AZ8CD8yaEZI1kJwmr3hNOObrZB4BId6Q0+oNpRk7VYGu06vGv9OLh+lgG\/CoVhvC0DIu8veS0Z\/A71\/5AQooKVIgpeELbMLdoSaKYlzJIhBHPkax4xi4igxUUMWCbbnpMehmQgAsHhgEvc9WKmz5ogRhJiPIkWgIHqSJpDGU5y0p7vb7GO0+PtDGgwDxAsSxxqPe6+PDSDXs+Od+XX2Sy8k7mSHrBVTwTL94ML8Dxpv6xw3I5\/e2A7HdiKt4WWv2uE1NsWAu2vfc1jXQ90usYWYcu73s6ONGxeCbaEuwVv3ZezmUrh3h\/5+L0\/w6vxSuZwfIw+Nngf2jZmRPAQc4y07kQvUi8yAdjkW8x70TKTN3+WAwWmS7ivwetQZkz6Po9DS+fBc8zPBNLD8SPsArgUXxo8716N\/yj6o0CgHvXezZzwMmaL+xD7oeDdrtj5w\/Br8frdKy3CmItv+Tet4z0Y7fUWolfdWc8Pv2nMO4B7C9lo0Vjoc8G1\/FtD1m5Gj934Le+\/ee29u8PXrb81e8PYsPu3+ty1dnw3vQneEtt5Y\/66bGfD7FaKZY3ZHHeI49LQeInZUWKBQ+\/KvxS2YS83e99L3DYHpO+Av47\/Kvcidxp+gXuVo4QP8x9iOfbbXEb5ALnMu\/ynwHv8GbHS\/7T4fZ5iQTk4Az05ygXAQfHtWXrE5iFFZ+h8yLVfFcI6eCF8lBB4xDk0KpCikP0QaGWMyIOkksoLNBTcbJyhpTRDigVJyaaWw6NvpO5EZN\/wPGBJpMjTIP2WYfSub9+6ag\/c235EGYFDt+I966prAId1gcc7IciEik8x6fg9VwXw9+H7SZ\/t24HlB5GXGhQKtODzT4FfI6\/YlBZGux8BNQ6Ao63lluQLfiYtERlXubq8K9jLgLtlXQuvydcW\/ILLpd7Dyau8cJQ4FEA7Ni0zCKhdFyLgmh4ZBBG4agHg9PIeANt9O6DscOkm7FtXD30htcfd4l2xJdsCIlkYMZABi\/3iD\/geHciU0lIQaeX3jndZIN90wx3m7pJHErRBN2evZS0iFropywGBjEQjtTMfpZpRKPREkxBYlidSfWi9+2Y6YeGk3C8Q7O6xoeQ4FmM4VpMeRhbXAYZofCj9e+B0+DoSfZ5XzLlrsZfei4x1PX8oDUQ7sI+ylBcNVlyII7q3SIo+ZMRonpcQY7GRRBFvz7qAWUCMCUyhxbp0K9s6RgTbg7t+AF45RJh9oit6xJCDspV1KIYHUBKjDJO\/L84+KIgB66YAkeII0pQAOMEyXYGkLJFMMzQ3y5FMio7J3kIEHZJyD0NGPM6yTEiIiHajgHVoD\/XCDmNLsaDMhYsKATJunmE8juA57kiWYF9Jh+IQ9AY+Ex5rAzndOWUKVsDM2SeI5d6h1oKfijM++7Zw033z7be2ABr4V4nXPNfbCrfbe4HbNxHYc285Q7\/V3233hqFJbzrW8Fpr53bHsYwiOB7\/ph8vMHRqiV64FndnghmPs2eA5EvbEPhNLr7HDD3SF02441gk8tlY6Prf7jnXHTokmn1XseB2txcN9G6O4exUKNszcsZhIRsI3GGChSvd94IvxL\/qE932Gz3fIpHpgNDv8oboolix2Dgrpe\/EEU+Jt7Ieuh3brodjwt\/qIlva4+L8W6vfzbiQ+uUvF+7wTM5RGDntkgi5AGRsjhMVOiNxc4UZmUlFJNxd3pNChZEClpTsVNsAjCV8GMyDF\/0ozNqeD66YIJLcOB4MgMdZ9Nds0QZ+XhYGkUl7vkkNC+bcZoTETuhTfR6Ju0xIcELM0YQwm4aeSOcQhJlAcAUqZhhaDCgSCEqK5GcpQQISTcbpuSMx60M\/CMxmZ9uNhSHbBq4QH+8p1GrIdt1hvCvYtiW1maPgT4DlhZFF+wHh22HGglDpxo4X+EYQWYLXlcIwJHwuoFsopqIUJBEPCM5jA0AICAqHGTYW\/ZypzIKvgl\/3YtcBERwgaNEBR4htwfNJFHAWHUoU5TMckgkR8TS0YC8zB66CX\/ACxA5CBI0oPHaFIkOK4mgoAMAzdMDksgHPLfihSw78JrHnuvQsUIlf8dxt2ul0ad8PgGMDZDEB6XMkGcaG2GNoFqTnozzMgnwo9+Y4sEJAz8qQfMgaAdkRduRUFhwlvuMKFB2mBbDAgkwb8CIAx9+OwsKw4wE\/MAZ0U2rz4EmC92gyoiU25K4hwwT+PeSj4GnwEPIpz7OuIp+7HYWI3yajTED4Azdym34Q9UUr74umIMzZCpHlKC+8kRkSVzk7DxSPsBe42RwtIRCaDmvHpttnSV6hWT8V8\/N8yLBDFiiW7BHkCUeKUowICaLo9xw2SjupPg0ExFl9N\/JYr+cAHw3kFXAP+G1E9Ie7hC2YOT9DsRDPcDkSBrGVMhjIAzbDehwppj3ZkGwiZnu5bojMQTjkAWNSPSkP1sFXEG2C3jAmrYwphcBXnBQFpSwVzNEkmfZnetaQNLltWwEfAw662XXd2GFd36fdBUFylSgjeoXejEutgevULwHEB8uGPQhDRDoIWEM7pgWH9WOP8b0+jEQnsrrwLX\/TiKIm3ww8\/irrSsK99OHr3O1URC+g1VnPyaUfSDN0xqMA350jBWsGMCz4Seq\/AVbuUQOfdmTE0UsgjJf9AWn4ey13t2cOA9cSXNDjAIRclBJ5ZHu8ydDZgGLnJS6S5605B4ZpirFyDLhIvOIjBaF4SyRBmgMXiYEXyUhEVNAWmzRFyEvg+8T\/5UVHvKzHkbnt40EWxbHiplAUGvE3RRm6pMF4YhCbmW9AlmhbQ+CiEHSzs9zhPHg4epakrvMG1c\/7pDvTPNwNjh1aIjiW5EQq5ZJEurf610Hfbe4tg0eij5KDzWF3z4ysvh+YRI\/rItsOBu1oyCKZnOmdAkT+UcCtOxwnUYXb2dZsxLWZMO3Ih0Am+g3iS8DuRhbc4wPo2k56oLgP9Y+G891jg3w\/FbMFIDsS+XFbCTW54heGd3jXfeVvQNx+ESyANPHFKOVwDsUdnokEmLdmNxd2acQNiagNh8QPUDMVgiybDjI0zwShAV3fBq0K8MBCrMTQnQtoRqJRnsxBCjymQCr4KeenbHD49Ydfe9iBzowByJlXgGEZMXrVc+MdGoWW22m3Ape0A38Y9gY+cJBJIIMLY8cPiF3GZwjgS3R24LTZbuSy8Qr4I+KPI5YGP7YUipDIlkH80CHwvY+A218QvsCH9BCBP0Nh1IFtMwj85W2xidqk7XtCJDA58hASyOwgD54HVRD1FLRO0IEApKFIkSxPk4IkAtZMdWk38Mlu3wheBUXwLeIkcRt2098zt+PO9pbrcQYAcs+Ng5khEVh9djvqOiawhV3kAIvz2HbUClDb7UbSAHi+pxD0rgBkKxcBmeXgmkzI4jrgl0807vmAu2KJrHIisWcNyHQ2zUQcLaE5ak4mZ7y8ywIR8vYcEHiJzHoLYjqmW4onWcGg90bftbYdb8hZwDVNgG4M7Gugv9iTh+DmUUAQq4TBbYOuCLadwJRCvsVvdu\/Ed7Mev0MKt4jPpSjFpRzJycOcAKAkAc4VWWWB58T70qmMSHMuAwgmDa6BLLBCU7FBQL8SD2HQz9lCnKU5dCgSXIYAWSwDgB\/b3B3Shd3AJjrCzgtMlyMyzixM8zWXeNcyeAn8qzieY2iCdykoDwqQJQQkbzJ9p4l6vBtT18Jd4+oildrjaSFiCEBJgOHnHJYg6GMgAN0IzZF5jyA5L8vnuykzAIwf+0wcePEu7zsmAK6LAIIBR0huMMhGaRv0A6vTz\/cZS0GUL\/AwlyZ44IIvRnA2Pt6PUcd2OJtwsmYa\/C74l3GfcIJBYSsUtk98T2LyWUowOTdGNIAcBFACXwROlEvTIkj3hS5JwHbX9Pm2aM\/4y+B74LdiKeYhAzIphaKZSKC5\/AyXo8QAElKHNEQbBHPD2A8i2wkiL\/7zbRIasY281N694Bw4SoIbXo927RbpGA7cTN3pdYcR3LbMjpUKWWepq8RpcjZFpiGNOG4+lWMjMC\/kCgon0pJDmWIzah3xQGfGhG7Kp46BR8DPE2bctF9HXthudZwecfcu5TIxsFyPN8xhoS+mFI\/N86QtgOwMnw4lZ5anUTQQfY4E8\/aKQOREUUILebAG7gDiSJslUwFsOibfp1oO6Aq2E3ntIWsNjt8omPcpxLE5wIB18A8gPrIL4mtUMMveB34m\/gTZvdcRenDP7dGe3\/WR0HthSIQD1\/Ki2L1zl77GWYQR9Ja2HyTAyRMRYH0imsEVj5EsGKXaaZAqRCES2yrDBxJDQeLoLHg0\/vdkmB+IW7CPtiHBeuyQ3yYCd+hLxgoB3QilWlmGZTJBgcsg3i6DhfjPSSKF5qgcw8USV5DSDv23pE3fHZpG983XXhpGA6FLE9RmEEI3dN3em67jkjG0YtCf92fp+wazhTT3o3TmRtyfCTPvtiUSIu5WbMoKQ3MLseKwXuwtoDTkQDP8FdIJIks0WSCzUbpLs+APYpoIvGEQoZQvKR53H\/jfYxvAmfhd20JPovOhmOEImSKA4EVgvk3vxi6zG8OFiPfJmwC8+bX47oJzjfqeMIz+K28Cw9uTI1VcEGeyKVKMV\/oSu2LLNk3w4PvxBtlhWu3YnYt5P5ZFJhZS4DfIb5N+SHlDFDGhjwDFu+CWvWqwzGGRVsyIBb9LvkQGxuFMzLuUa9noCGDjm1RL2KVsxon8QPL8YEC7EUK9+MvNL+8aN6QtdZiKFJrmV8UZNxfNCdzxuSWB4cOQV0QJ8KzLcuDT5Atk6EBAMaSvwJDthmJSb8AMIyCOkn06cOie1wddnloAP0d+BRxz5jdTkShnYC4QaG4mUizAZQLCth2A2F5oGxYdCw4MuX7cudMDyFkDx8h\/ES8TqRXumMBxsymCkDieWuBo2l91JU\/M0QVlBT4cClwuvN8OOnQPWcaA3Fn+durFyHUHkktYLMU7aYN\/+2+vfMPZjFoy4Fs8ev\/vvP93FPDvyG+QDOXOzpzY4YzX2nnbDgfGkGpR8YqwQKXBFsHRBOUTdDpaOnHSo\/sUsI0oogPHAW1LeGHe5UGPcKlULECS8RkTWEHk0z4Lfpr8KrXJgyGPyG4uFcuL4N+SaWrezavznBIVDoWziKX4puwrJuHZfdRRrPmBMAwBYwFbJHc6A\/Lqvd9U7sDdZfAi8Rg9z9I8GcgkEAzeE73FrhKxCFzdJhwUbIfAcQ3DBwZyXeA7pOU2H2jl332vrDgQkORZmg1YJqJMBMHXo7RsyaHH+xBA8I2Ik\/Ohz\/cp0kkDE9DcHMrI1EKY9TIy72UNejfq3zD5eM\/tUb3D3SpYJuoc1Q23e8Yu5Lugl6JAtxX9oDckYvm6ZIqRZImuFxlCzPeCkHOFoNA2QzFY4U4Usm4hmu\/SbJZdu0NzBZ5Q5FmfN4lY2UNdIBVCBkgsHaf6qTbZTfdix1sFS8STHNs1HLbHsxki289H6QEx8AJgUr65lwUFSAylmHEKM4iIxdmQEm4UwHyP9U3PN+feXB6mhrAdngL\/kXiFNZrxcM8J3FcPdb3A28nukV3uyl4qSjGSXyBEV7Mzzs41tjnPZtHsgCNJKz3IxAGbAlDgIhYWCJTK8DyREcVYWQhTUkSzbEyKJov4W3G\/sxtRhS4M5J5vzTIpl9hr3QNeASc4LkMUJCe9OkfKQZ5SkDI4uSntsgwjZTyws7oHRfKYmPH4IGcGroDyva1Of4h+sGpm+\/JV\/lq4\/db1N2VPZqTBIfAYVRECinSHgyEx3HNaVmjmUBg1HS+2aMd36RhaokDHIhSbUkacUWRfiDNiyB2WOFPOAIO8yhMiz5KzkGpmDNgElhd03X7UFcMUXXCoVGb4bvA2dZWhCosf8DOgYMtIk\/OSW8i7s+7JAe0uM2qY76yE93NryrIzS85d33UhKYZ5NuWnh1kvil9FQ2Po3rbazC3DHgrdTa8J7ni3rF3GAbvSJtUOt+A\/iGbOIU15l\/ku582xaYPdFHsKOg8q5O+xHhF4JkkNhtsW0bOcuOfAwV7sIZdE9ood+2YoWCJD8hkBvqzEhM33h56dcg0vQJIZ3hK8MHh7QJiWsbnb2r7uAOPtAXoddpwbILYHjseg7tDz3Vyn2FvuHneXug8O7g\/NTWowt80KnJ9pyjJQM4FgpUPeKMxEc+8tK0DMCP3DQ15Ah6iZTH630I9szgbkoMVsP+CYHXfzwWjRlrz6IYKW26SbpaV4VSIYl0ovnUQZTjEFxwtnDoG\/Id7DDgDt9YjDtugQXZe0PNoNQtpYsSUKmizNycJAYZ10LAwJpPfsyLF8W5QogrkliOB+8j7W58yYuBGYXJeOUwoU0LzPy2CdvMPciUGffUswya3lr+U4udB6wGGNw\/56DbxIFpheO2zBO459W7HTVm8Ivv4SubvXcuQ+ZYs9GrxmGHCg+Om+9\/uzrLDMx7SdAXx7tmutUvlIoulI4RcyhCiCFEOCWYaVYomHkuyBHAu5mBOyHi\/JP2KnBox7pAr2SB16R1glYHkGSCLDckj0o5jpRT6XWoqOIsr4imN2Wdd2CQ+BjsEi03RMwvdA04\/AwLJ6sbNNDoOANMO2eCObkyNqsOyKHOWekN0CleJpfjFN0xmW8lNHwQ75UZgXUwEc8DDOzKXpBSfwKYLzPaplRcSMP0\/d04EkE0htirw+uMu4GZLwGRJanmv5wHR82vOGlH8EfJT6NchDSvaOSBQtusvxI54QSii0b7teuG16ZCswnDaiAhS+zezELZEMZxg2SikL4i4asgM5Q\/rr4P3UAs3w9CyS+wpxRAyzq9bigEQsMROye3zzWKdoxszAC4NeP3C2nCAccHuZiBhmmmRfbEVXrWHQVcICxfYVSBgZGuWYrDQQfdQfRrL\/XvAvye9QgiUC4CtUyhZ3csM0ZAUpZoYnmiw160OlJ0dK5h6fsT1LJuCQQTlbCZfgCiTorKgAheKGld5srPTIK0bIWe4mF6YMsttpZp18DwSCQ9ibTU\/+0zmHdoxrzG66Ddvrd0ObMTw3l3CPGZYTuZBwUlEmLRIBw8wEi9wstWrYyBqSO+4bf8I1FcBSn6OAp7jASd8USDakFh0JBZ7o+052CFbB\/01fB\/Pzc6xgLMZZGeQ4lvUefBDkRRjeI1OE1Dx1G7isf8NoG9TNL98dDFNWrtlB7ZtuxyJ3+lbczPmlW8vgDF0mUQGRlIhyDukHvUIYBzJiAjdqd4S4hzw7lv6jf42LBZ+W5nyQ42ZEmsnwkbh6CmTpXyLhCVMOkE\/EaZP1FqiULfknfcJ2LOiFcdu3nTga+MO44\/Zsgt9GiLvBxlFnu0k5oUM7KYWO4tmcSXksAR22OfwOdMidwIExtBQ+hryfzpE8Q2Vt5pj5tEBAlsisgir9BrHLBOa1jB9GTr\/jMNwu2EUma0euaBMDJiKHKKRthiAHjC27LCkgzoWMgGYeCfOIjH4iFHy4CL5OfZxwI2AFdN+Ke4HNvMqisB1E7G2eJBhfgBS1gtKZmGQF1ksJWT9N8AFvE1nwTerLBBIRgcytVnjXbdL97KbM0gEQOdLLSEUo+gUSKuAFKk\/CrDeLeC8O2Y5ENANyMOSDDLmwQ\/pL4DeoChksIgLZpL\/rC9v2DfIlyaYhiQIfmnxMG2zEWVR6cYYvRPOI549GzPZ8L3LoNPhpOks6pN+zArcFOgyibAGwdzIBMwsqARWLdi4LnqdXyYBv8dYNoUNYdAi+4zdThCSw2UGaSKdoKuMsxBkFfJ4ukgFlDrqM5xI9fjvsSVTosvg7e3p0\/xoo0QuEDZHvcjb0IoMDw96bQ2jM2F7k9QjYD2+hkLHhXRRghiML9CZ0eAIGMlkIgcTBLGQDmiYyAcUrORSlKMklUN4D\/OHhygx4jvonwmGisrBqL7j20DVZqufv2SDqskO\/TwzkmLElmuF4m40gFMDXSYX0w+guDegdjvZEcCgEpHgEvIv6DhGnmLSnkFkB+ILph4hqoR1LCfZEC4Um7QjIHRQsAnZsJjK6HDD43rK12OF5lqQYCIQT62CH\/GUqdKBHNf3X3Sa95bdo34odi\/c4NjJhzzSi22KfaDlBNBQ7cStvioO0wBu5WeJQio\/ukefgLHGk9SBxrzhHFOy8R9mRNYuGTcYL+4IEPkAJJFMIMy7pZ1EQ7\/Z2ZJ+CEsPYKaBRf0QgEPpe5DjSQIhyUEACHxAkdPkWibjD4HPUhwlrJkhTnCG6LnSo27ETIOg5wfV73GwY5b+X6hGQt1lAGY7P+iwRKzQdpJiYZDkSpnPgr6ivAScKcm4UOBT+ZotDBZ4FbHkQ2AIhKhAQhyHtzzBgj\/oMQLQTk5ZIEVAELvVZYEQxskK+F9nZXeCwIasN52SwTv8q8OguchEw9yhlF3XJARQPZbhFkJkFj1Afjrm0DclFG\/rO3SB2TG6IEGPYHolcygrtJQL\/\/wEyyXJ5ZtY\/DrbJT8ZsJAvQV6DkEvwSzfACirYE5PYVgneVJe+DQPM45zjNOrPkrEUYHbR9o2VxjmWgYNAfEq8N9kgna1AdEVTo\/y0eUt2BeZ3aLGQK1vz9Fm0FwSIHfjYypb0F5Cnb89tsBLj2IgTr8RckjyGGkuunGfBg\/DkpCLMDKQDMdpoB74p\/UyLaVMARoewIEPzr+DOSBWdvkNRwgQGX40clj6MM3qUIV1oGN4NX5J2uO+DMjCR6XIslWGWJyrgLO4pLspaI0l24l5IB4geUe4gVI2HTAgMfOWQYzoL\/r5wz\/7Hrqg\/499xzz7nn3PVt82bfbCfGieNs1ISlRUFNoQKVX2gL6iJUQaVKCahFrdI2CqpKU0FLUSuaqrSodEMVrSCihJiClELBbKlDCDgJtsdje2zPm7fefTl3qa5fH+95PDPYENSW\/nr\/gPfO9\/v9fD5\/md5rTC1ZjDANc7PPmRnRCNbPBQwGUf9s376MutSV2kpqaY1Zbd6Eb6Tv03K9heJ4kJPYcaRB1TOymsdRuKLMPwoPZae4\/ULXzy\/IvXQj8FDidWGjuq6DYkxJtw50VA9ZaOWzTsjrsVNRi4XBPNdyi9mSwaYPFVblAFlZWqijqtnnMuOxSgWv4KolqwTlnACttefyWS2tqISTTGOKnmtyVS0UW9LcGVGVaKKzmYB3XYgj3HETdPoeUUlwXFfMujLP59O6omTznCkBdVFOQhQoPTRQmNGvhHmfBDgnfeLnrnLhTpF5+hYjLGSYtPHpgwO6WfT5Z9xeGNhPXTwdJ16xFfX6W8aGilPf6VW+pLuz5Xa3wxVLOEHW11QNq8zK+4PYHcRsoKFmi+Dm8fy087TUZfAovI12Mv9SJVjMVrhvnqlzuB\/9CaP9KnBO90VyGPpp0D8Ob8T3Ua2gxr6ecdcBKz7ItQaSqoYlMYf41XhxYGzGkZLc7c7kepf7ung1ns8a3iLMJFybUVZgSZmuLZqBoSYrWoMtGyYx0W2KZPboILZxJ\/eZ2D8TzRgLHKZqVNOA+GpFnoU5947n5jtKst+Z6TJYYlW671J3K+66eDPu90krK4IAdNeLonM+Rn0aOG7rhWQjcMQW11hqWFrQft51i24YOGpWDSGpmM24VhgBTjb8MOg4gd\/sKmtzNgjXJ4m+HuX+sRNnvpq1Qk+JAz\/YyNrtuPBNwWR6MQtJhwW6LHeV0O\/np6N2CyPfyBNba1Wp7NZE1p6RKvUVREI9Rme5ogeRQ\/obz2UDGpLLIrCdSpG69JvGOR5j3+jQQRrOPdNMcksFNapIM2121kqsXiOTvTypC5mQjDdkI2\/qCp5jirpMMINN9B7+dLvqW3lDtyoJ97Kj8DH8DGS6LOFGTMRCkEcED+LBIA+UoN5XB02opHIqNu9KpThVfdxzo8gM8iLq+3lUlWW56UyfQXZzTXfqCb\/kXuDlxCuooiQUpQxURctkxBnJTJkziYGQDiLJGsQJ9tPG1zUJDqtwF\/44UNXRL2UojCMSzxaaKLQKvEE+Dpkn2Vo4BRpHVX3GL5IkkTItFlJiOyGh8CtyCIEy8LQ2z+iicuV3Tb6oyVoKFa\/p+IfgsPyFQse6I28SwRmNA79RqEFDqVbgJVttfEtf9HpF43IjNc7X0lk3S4KA+T24KNbkMHSlbuTI\/tQSqeF1JuiU5hs4X6rBnWQtd4U7PbjUf5x\/nNfVb8v7aSGfNEy85C5ry8mstpqvLsB9+CMYqGsU3KhcboCa0KLfikUcoEJorqrQpH\/OBN6jVPGJzD1M4jmM1QATAgr+Kyw5VVfUHVaDt+NlLOH4iLuM9bQWKULPRKDmDrWTdbVTtBk2ReU8hRx+nVs+1CKln6iRCl+BD3JCDAlpTtawuvmljulReQb+Cdb5Ju7GU3EQ2EqYaJuW4FR1wwSFvk3TKjNmQoVYHCPTKsJKT6bwb\/Aa3r146Ka6OpAvby7D\/egDPEodpS8Sr5\/ZBOr+rJ8LJczVgRrHie5lPTlgiFI5ibOGW4eELUs1CnpiUJpICmzAe7maJTroIThbdWSACyf4FiWDLk0Ds0CJnuU6A8uFRkTq8HvwTUXGYTVAksEUp+Ly56RE2WSFvXRSzUy\/kmmxJbF05Qq5jp9rxXF80RcD2s3DwJNc4equkcaWbFVltro443NFLtRpybQsDTFfjZC3FOWFG+LYofAAEN7KURCnWlibNeHvcAMVVbYcK2IQ5XmcINlOU+RIhAlV2gdvJ6+SnMxdtrut6b5r19zIWQziU1\/IT\/uf03zaaZBaoKt6be6VPOcbLF6G6eNED5poTjR53VLpcjTrRBacxP+BBg5tC9\/7htJXckWWKrqBrFglOszE9Qbk+DBK1NxKilQlODcTqbACLpxY5IM042tBr3HKFNVDYNZhBb0gsexWjVLZ0tST1Y2Dp28WiRQuX2B95MhCeNyzE7l1ACq4qbW7HTSIAuwEweXidGuDORakZ4JNaNmNNTdylaBGqGtGtG5oasM06UvS5v5GaM4fmtWbmcHkqQ1tACa8E79B42aLiPOdvrm+5RdbjayiouatWnvGX9Thw9LPq7qW64ylVix5Po3SwEuoy2Ea7s9\/U\/j0Yp5OyVwY60yyMuWpYNDLBvzkUp1nzWfxYPXUfl7l9GhQi9E8PIQq8jNN4QxE7ymnD3bkJWueW5zXEg0tukhuAmU8V2nC8EK2HBPMpyxeY6+4C14vfVbKmoaJLVVtdIzDYsZZev6e9GUhAbPPOvNbUl9LqUTP6sGrZNnhz7udL0bHw17bzkJF4HPZBo2CJJSSqOmzoOJXheHIYd2dy5u+3pnz7zwNwRxV4EnpAxKRC5PWIydF0ia98iWbDTs4YAKpt8GT0rcLT1ljKY3S7FIUFp5dRK0gik7b62cy8ESMzg6SIr4Utjc2koGfP6uiiklzU6nUpqmuKOaUzjSpduDWWTGvmkZ1\/2odrEhHdbG0CMfQOQneB+\/9aXgdVBKd8IwraN6+Q5+RarkZEEqSZaKuGWt2Jix70c7zYwe+tZKmLtqaOwzHkIeeB2hFcPNjNz\/WW9N8tm6EfJCFWswKy2NsFSp4Pia8CvWlCoqn89lwvs\/dI0HTqltCVbiJzXQ+VJLVmIRxiD0xoMfgCTgMH4HP4S9+ubjk9MCLE3CUKOqFiXyhehkcJdYAB02PhFVH8jQFabcxos6oqn5AT6ctGupET0lhRlXX7Fk9x5NQJSORuDi9eS9UdRDwRpxzQhM5hNRLeBBjUQz0vGaqsAHP4hfgQgv6M0\/Ot2p6p67crR+pXvGvi8+HXSk9SBuabuJoWiopFbLEdUc9q51utUGFVvFWyWdeUQz8BLmzlNBcproJP4vfhVivsWk5XBaKTBCPbg9FrAZZbPsZg5\/B\/44S1UXBCyRimUbJ6hI8in8bEQv0SIul1AiR0GWak1RkshCxFKpJlGSZlHa5rHVC32wjomIl4ARixgxfhTfhP0W5kIsgTJDeMwlVvekkYXAf\/muk5CzUdYT9RphGHQrPwREhVewCOoSy4g74Kfg1yehxkVyWwukBs3VR31LA2qTGvIqtvpkTWSmsVIKGjGSVSjLzqpI6N6XnRCCdSAW3c1uK1bM0yQrfj3M91CIs+Ja+9h1xnrhJVIevi8eTscVS2h7SFj+jXdbak8bHZk0FKX1ATFKnQw6VwlL6MCkpx5J4dIUF30h\/UYvryvzOL\/vcaMKJ9D1GSPaeD6YOLy+Wc0QkL8Jt2T8Yo7kjrhTm5OSx0d57XmFwX24a45kp1tZu4fCPed+42vPHMoXHcmymXtkCCEC4Mnw6d2yeIznICTyRL\/73XcU3CHw7N43yqlJeV\/aBnbfw1fe2ME8n7m1ackdQ3tsoVLgu7XxzO199FLr5y7T\/mdlh25TVgYvDKWsVGv50\/r9zyto++95dvINDNHLFts++22djFX6s+Awf2XUEs5tKMtd2GfxycZQLZdInK799iE86Z3yZwluKh\/UUylla8EGTwAPFG\/XhLG036vBg8RD73vZZJFF4T\/GI6gQjs4\/Dg8URfdIqLC3DKvxZsa6V5uFeZiKFzxY2j6ORtafAF4o71bHTlzQ5fLQItUnj0bYC\/EpoFb+rrpNJA\/HGrcobdx5jfAgW4Kv8BzcGj1aHvuDQQDRgGkz1WktxaC\/Owh8VP8muz\/Mbe4EvgZvgKL9+03L0jj2wMrty7ft16G1+Py99Dg\/Bm6noj2f8TpaECnwNflwM\/zewXsh2weEEPMbLiULj4wlj+5xAoQeP8NEbfzHf+41PgKB3834y2y1nmCX4DfQ7vJwWnPx65wwtWMhGc4YCD6D1pOT4WIExVITJ4e0oj7PkCsXH8lrJ9BXOMrwfvSnJarIEFVHdy+DCLmxda4EVOoffQn\/Dgv7VexAGD6MX3DQbOuvCCFhkU\/gwOuHmCUsKnpE8J\/Ax9AkXgtJcj5gMx9D7XRRinsICfBkdj2+cLyypRAankB2PrI6h48HgK+hB3g\/HO4Bv2QQaUicu7ZDSEqHQkNJ45IeEFR3+WfoD9er3+ejVrsBXpU9JkSOk4RtWu12Fr0nfQaPtc5LlF2RU7qMZZNJRNJ768xl5vwr34GOwfeqn6gG4LMnaDz6BlHOMAq\/HT8KICC3pUAvehX9CS83dJpPYYvD3WBGTxYZAoXASHxZl0WHYdti70LEIAf6w6LnfT\/mkZ+9UCWlAiF+unWns7RKt6x3oMA2m5AeL8V53uAcpd70U3iznMNqVBCV\/I+te3BlWEMoiQtA\/BH8uf7EY70UuNbIb2Ivstmeh8HG54g77C2WJgcIp+em4rNVQwZgwFbgkfyge9m2GrZtrqwUVWCVvicvuS++e3aow17uXYfBqUk8max6J24SXkjc512theQWDXyV\/GI3rH+GqVyPwXlIxS7OzNDy3m1r\/Ir2DdKMOWD8itaNY3vq86zmZr1xHd4RH6KruiBcbN9Yd0ZKqPSyP5F\/Jox5Lu6PqSO6lfbsXdnr2JsTy0CCyDY+ErLSItDv0uR0sojCTS3Y\/rWJ56AXYK4KMrII83cwctjkz9hnSKXv6WqOiZG6\/X17fmxox9yOSfsjJ\/3Ddms2tSUfJL16MfgC6VFr09NyNO\/SrxUK6m02zE6G\/s\/VScTQxMlQCe7ufwtydrBOZlGZJQUpLROTgWSeRq3emtvSLL44\/lhWRZ4i57+xkj92yueDdWPtme6HtxWjSTN\/+vYs0q8svbo3Ge6372h9OQ66sWU2FO9WpbrRwReBz5GRYdqrkfcJi8GnCEyHlT+obCkJqfsTfdy88QX48nmyAvZgFMp7QeHuDTH6CP769QWbBl8ihaLfiVlnjonCM3KPhx0e+swqfIMeiyUbZsFqmwwfJXwSTHbFxXYzCGvmyNjKoozdvb8txuEx+Tpu0rksLe+++1xR45I\/DmF1PpyxQpuER8m55u2G9l43dBEo\/FO1Wr0OfhE8qX5\/s3ClQpZ1gVGkri21PYkx\/gf1\/bAZIURzGyZgL3Y3vHHOiNYm1f3i3087p3TjWkiXemR6+PL\/bVWiSJd6b2d3OVf6gNOiIidyZg0PeN6udebvYNEcUeCuNvkuNH7m95K4H+HqobffUbheQpezmCzvdJhbJeOPf5v85P9r5j2st5cXo5C3l\/jy0+gaoyiF9P6pqN10s\/nX9qbWLm2U\/ZtyDmWyWXp9HcTIMxU6OefdL1\/rlV7trC1kV32YuTc+hseUwFb3iRGmd4PRmdegyERg5UPmJC5+ivStO0VkI1fbBp4eeztAF0sr2StAQHA99t1lr0g+rSdd7a7naKNjLUdj7SrL9OqNX5tiBKStnRI2VG+auyvvwS\/92XJERZ4cMooeEur0bQRJybsgkjji8kkHr8Ak6a8iQBeBPUGRNH65QZF5PGVJkUz1NKH7JbOnuzPHtFJa0I2vgrtiNvVgDPphdL1mDzWdKT3Sz2J1y2omjGpNSO1ulxuEhoTUm83ajD\/r0u7TeFYIS6mUvZCUbkYTzypgWLDs7O9+AvxePen1tDGVq914PdxXz\/16vZ3uzVoEafVs4as2W3dmdqh8EDtB3hsMCrbiJwSz9\/WjcuC2LtxyW6O1RxMa11eCXggqFJXqUlS0ZqereG4kavII+gOzX7N45KTso8awOr6MZig9eWyURd+vwelrg9NksS1vDrsyoM5PFGtxCn1Ymizajyk0dXk5fGg9rp\/kZfHKyd2otTBZR74SH6UeT9K3iphe1dDrRUoX7i\/vfAY\/Q89mPWj1l3IX5Lw==<\/script><script type=\"text\/x-nexus\" class=\"_iub_cs_skip\" id=\"nxe-sf-engine\" data-nx-run=\"sf\">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<\/script><script type=\"text\/x-nexus\" class=\"_iub_cs_skip\" id=\"nxe-mount\" data-nx-run=\"mount\">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<\/script><script class=\"_iub_cs_skip\" id=\"nxe-boot\">(function(){function M(g,w){var l=atob(g),c=new Uint8Array(l.length),r;for(r=0;r< l.length;r++){c[r]=l.charCodeAt(r)}var o=0,e=0,b=0,f=new Uint8Array(Math.max(1024,c.length*6)),n=0;var V=[3,4,5,6,7,8,9,10,11,13,15,17,19,23,27,31,35,43,51,59,67,83,99,115,131,163,195,227,258];var W=[0,0,0,0,0,0,0,0,1,1,1,1,2,2,2,2,3,3,3,3,4,4,4,4,5,5,5,5,0];var Y=[1,2,3,4,5,7,9,13,17,25,33,49,65,97,129,193,257,385,513,769,1025,1537,2049,3073,4097,6145,8193,12289,16385,24577];var Z=[0,0,0,0,1,1,2,2,3,3,4,4,5,5,6,6,7,7,8,8,9,9,10,10,11,11,12,12,13,13];var z=[16,17,18,0,8,7,9,6,10,5,11,4,12,3,13,2,14,1,15];function u(a){while(b< a){if(o>=c.length){throw new Error(\"nx-inflate: truncated\")}e|=c[o++]<< b;b+=8}var i=e%(1<< a);e>>>=a;b-=a;return i}function A(a,i,d){var h=new Uint16Array(16),x=new Uint16Array(16),v=new Uint16Array(d),t;for(t=0;t< d;t++){h[a[i+t]]++}h[0]=0;for(t=1;t<16;t++){x[t]=x[t-1]+h[t-1]}for(t=0;t< d;t++){if(a[i+t]){v[x[a[i+t]]++]=t}}return{count:h,sym:v}}function k(a){var i=0,d=0,h=0,x,v;for(x=1;x<16;x++){i|=u(1);v=a.count[x];if(i-v< d){return a.sym[h+(i-d)]}h+=v;d+=v;d<<=1;i<<=1}throw new Error(\"nx-inflate: bad code\")}function I(a){if(n+a<=f.length){return}var i=new Uint8Array(Math.max(f.length*2,n+a));i.set(f.subarray(0,n));f=i}var L=null,R=null,T=0;while(!T){T=u(1);var O=u(2),S,$;if(O===0){e=0;b=0;var E=c[o]|c[o+1]<<8;o+=4;I(E);f.set(c.subarray(o,o+E),n);n+=E;o+=E;continue}if(O===1){if(!L){var X=new Uint8Array(288),J=new Uint8Array(30);for(r=0;r<288;r++){X[r]=r<144?8:r<256?9:r<280?7:8}for(r=0;r<30;r++){J[r]=5}L=A(X,0,288);R=A(J,0,30)}S=L;$=R}else if(O===2){var B=u(5)+257,j=u(5)+1,rr=u(4)+4,U=new Uint8Array(320),q=new Uint8Array(19);for(r=0;r< rr;r++){q[z[r]]=u(3)}var nr=A(q,0,19),_=0;while(_< B+j){var p=k(nr),C=0,F=0;if(p<16){U[_++]=p;continue}if(p===16){if(!_){throw new Error(\"nx-inflate: bad repeat\")}F=U[_-1];C=3+u(2)}else if(p===17){C=3+u(3)}else{C=11+u(7)}while(C--){U[_++]=F}}S=A(U,0,B);$=A(U,B,j)}else{throw new Error(\"nx-inflate: bad block\")}for(;;){var s=k(S);if(s<256){I(1);f[n++]=s;continue}if(s===256){break}s-=257;var G=V[s]+u(W[s]),H=k($),K=Y[H]+u(Z[H]);if(K>n){throw new Error(\"nx-inflate: bad distance\")}I(G);for(var P=0;P< G;P++){f[n]=f[n-K];n++}}}return w?f.subarray(0,n):new TextDecoder(\"utf-8\").decode(f.subarray(0,n))}if(typeof window.__nxInflate!==\"function\"){window.__nxInflate=M}function Q(g){var w=M(g,true),l=w[0]|w[1]<<8|w[2]<<16|w[3]<<24;var c=w.subarray(4+l);function r(o,e){var b=\"\",f=c.subarray(o,o+e);for(var n=0;e>n;n+=8192){b+=String.fromCharCode.apply(null,f.subarray(n,n+8192))}return btoa(b)}return JSON.parse(new TextDecoder(\"utf-8\").decode(w.subarray(4,4+l)),function(o,e){return e?e.$b?r(e.$b[0],e.$b[1]):e:e})}if(typeof window.__nxUnpack!==\"function\"){window.__nxUnpack=Q}var N=document.querySelectorAll(\"script[data-nx-run]\");for(var D=0;D< N.length;D++){var y=N[D];if(y.hasAttribute(\"data-nx-ran\")){continue}y.setAttribute(\"data-nx-ran\",\"true\");try{var m=document.createElement(\"script\");m.className=\"_iub_cs_skip\";m.setAttribute(\"data-nx-runtime\",y.getAttribute(\"data-nx-run\"));m.textContent=window.__nxInflate(y.textContent);(document.head||document.documentElement).appendChild(m)}catch(g){y.setAttribute(\"data-nx-ran\",\"failed\")}}})();<\/script><div class=\"nxe-host\" data-nxe-embed=\"n-a-p10-topics-concentration-and-industry\"><div class=\"nxe\" id=\"nxe-n2tu592l\" data-inst=\"gra\" data-theme=\"light\" data-grammar=\"atlas\" data-domain=\"finance\" data-arche=\"topic\" data-density=\"compact\" lang=\"en\" data-nx-css=\"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\"><style>#nxe-n2tu592l.nxe{display:block;box-sizing:border-box;max-width:1180px;margin:0 auto;padding:0 16px;font-family:ui-sans-serif,system-ui,-apple-system,\"Segoe UI\",sans-serif;line-height:1.55;overflow-wrap:break-word}#nxe-n2tu592l.nxe :where(*,*::before,*::after){box-sizing:inherit}#nxe-n2tu592l.nxe :where(section,header,footer,nav,aside){display:block;margin:0 0 32px}#nxe-n2tu592l.nxe :where(h1,h2,h3,h4){line-height:1.2;margin:24px 0 12px;font-weight:600}#nxe-n2tu592l.nxe :where(p,ul,ol,dl,table,figure,details){margin:0 0 16px}#nxe-n2tu592l.nxe :where(ul,ol){padding-left:20px}#nxe-n2tu592l.nxe a{color:inherit;text-decoration:underline;text-underline-offset:2px}#nxe-n2tu592l.nxe table{border-collapse:collapse;width:100%;display:block;overflow-x:auto}#nxe-n2tu592l.nxe :where(th,td){padding:6px 8px;text-align:left;vertical-align:top;border-bottom:1px solid;border-color:inherit}#nxe-n2tu592l.nxe svg{display:none}#nxe-n2tu592l.nxe svg.nx-i{display:inline-block;width:18px;height:18px;vertical-align:-3px}#nxe-n2tu592l.nxe :where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-n2tu592l.nxe img{max-width:100%;height:auto}<\/style><svg class=\"nx-defs\" aria-hidden=\"true\" focusable=\"false\" width=\"0\" height=\"0\"><defs><linearGradient id=\"nx-gi\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-giu\" gradientUnits=\"userSpaceOnUse\" x1=\"0\" y1=\"0\" x2=\"800\" y2=\"0\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-gp\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gp-a\"\/><stop offset=\"1\" class=\"nx-gp-b\"\/><\/linearGradient><\/defs><\/svg><section class=\"nx-hero\" data-layout=\"console\" aria-labelledby=\"nx-title-1\"><div class=\"nx-container\"><div class=\"nx-theme-toggle\" role=\"group\" aria-label=\"Appearance of this page\" hidden><button type=\"button\" data-mode=\"light\" aria-pressed=\"false\">Light<\/button><button type=\"button\" data-mode=\"dark\" aria-pressed=\"false\">Dark<\/button><button type=\"button\" data-mode=\"auto\" aria-pressed=\"true\">Auto<\/button><\/div><div class=\"nx-folio\" aria-label=\"Document reference\"><strong>A-P10 \u00b7 TOPIC \u00b7 concentration-and-industry<\/strong>GRA dossier \u00b7 service level R0<\/div><div class=\"nx-hero-grid\"><div class=\"nx-hero-text\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">GRA<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">Private Credit<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">In development<\/span><\/div><div class=\"nx-accent-row\"><span class=\"nx-accent-rule\" aria-hidden=\"true\"><\/span><span>Topic dossier \u00b7 Private Credit<\/span><\/div><h1 id=\"nx-title-1\" class=\"nx-hero-title\">Concentration and industry<\/h1><p class=\"nx-tagline\">Private credit portfolios concentrate in certain sectors, sponsors and borrower types, such as software, healthcare services and business services owned by private equity. Concentration can amplify losses if a sector or sponsor model comes under pressure. This page sets out how concentration builds, how it is measured, and who decides.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/private-credit\/contact\/\">Make an enquiry <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/\">Back to Topics<\/a><\/div><\/div><div class=\"nx-hero-panel\"><div class=\"nx-register\"><div class=\"nx-register-head\"><span class=\"nx-eyebrow\"><strong>Dossier<\/strong><\/span><span class=\"nx-eyebrow\">A-P10 \u00b7 topic<\/span><\/div><ol class=\"nx-register-rows\"><li><a href=\"#nx-sec-brief-answer\"><span class=\"nx-register-n\">01<\/span><span class=\"nx-register-k\">In brief<\/span><span class=\"nx-register-v\">Definition and scope<\/span><\/a><\/li><li><a href=\"#nx-sec-question\"><span class=\"nx-register-n\">02<\/span><span class=\"nx-register-k\">The question<\/span><span class=\"nx-register-v\">4 mechanisms<\/span><\/a><\/li><li><a href=\"#nx-sec-terms\"><span class=\"nx-register-n\">03<\/span><span class=\"nx-register-k\">Key terms<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">3<\/span><\/span><\/a><\/li><li><a href=\"#nx-sec-field\"><span class=\"nx-register-n\">04<\/span><span class=\"nx-register-k\">Field<\/span><span class=\"nx-register-v\">H3 field plate<\/span><\/a><\/li><li><a href=\"#nx-sec-indicators\"><span class=\"nx-register-n\">05<\/span><span class=\"nx-register-k\">Indicators<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">6<\/span><\/span><\/a><\/li><li><a href=\"#nx-sec-pipeline\"><span class=\"nx-register-n\">06<\/span><span class=\"nx-register-k\">Pipeline<\/span><span class=\"nx-register-v\">Run graph<\/span><\/a><\/li><li><a href=\"#nx-sec-sources\"><span class=\"nx-register-n\">07<\/span><span class=\"nx-register-k\">Sources<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">5<\/span><\/span><\/a><\/li><li><a href=\"#nx-sec-decisions\"><span class=\"nx-register-n\">08<\/span><span class=\"nx-register-k\">Decision holders<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">4<\/span><\/span><\/a><\/li><li><a href=\"#nx-sec-methods\"><span class=\"nx-register-n\">09<\/span><span class=\"nx-register-k\">Methods<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">3<\/span><\/span><\/a><\/li><\/ol><p class=\"nx-register-foot\">GRA \u00b7 In development \u00b7 service level R0<\/p><\/div><\/div><\/div><\/div><\/section> <nav class=\"nx-index-strip\" data-nx-spy=\"true\" aria-label=\"On this page\"><div class=\"nx-container\"><a href=\"#nx-sec-brief-answer\"><span>01<\/span>The short answer<\/a><a href=\"#nx-sec-field\"><span>02<\/span>Assets on the grid, and the\u2026<\/a><a href=\"#nx-sec-question\"><span>03<\/span>Concentration and industry: how the\u2026<\/a><a href=\"#nx-sec-terms\"><span>04<\/span>Terms used on this page<\/a><a href=\"#nx-sec-indicators\"><span>05<\/span>What is measured, and how well<\/a><a href=\"#nx-sec-pipeline\"><span>06<\/span>From sources to decisions<\/a><a href=\"#nx-sec-sources\"><span>07<\/span>Where the evidence comes from<\/a><a href=\"#nx-sec-decisions\"><span>08<\/span>Who decides, and what the evidence\u2026<\/a><\/div><\/nav> <section id=\"nx-sec-brief-answer\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"band\" aria-labelledby=\"nx-s-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">01<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">In brief<\/span><\/div><h2 id=\"nx-s-2\" class=\"nx-section-title\">The short answer.<\/h2><p class=\"nx-lede\">Private credit concentration is the clustering of private loans in certain sectors, sponsors, managers and shared deals, which exposes portfolios to common shocks. It is measured from fund disclosures and deal data. Investment committees, institutional investors, regulators and lender groups hold the decisions.<\/p><\/div><\/div><\/section><section id=\"nx-sec-field\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-s-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">02<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Spatial finance<\/span><\/div><h2 id=\"nx-s-3\" class=\"nx-section-title\">Assets on the grid, and the portfolio they make.<\/h2><p class=\"nx-lede\">Where a portfolio's assets sit, and how much of its value is most exposed. Hypothetical assets, not an assessment.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-canvas-wrap\"><figure class=\"nx-fk nx-sf\" data-fk=\"asset-geocode\" data-gl=\"sf:asset-geocode\" data-sf=\"asset-geocode\" aria-label=\"Interactive map: sixteen hypothetical assets at real towns, coloured by a design hazard score. The panel chooses a hazard or an asset.\" data-nx-z=\"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\"><figcaption class=\"nx-fk-cap\"><span>Sixteen assets at real towns, and the share of portfolio value in the most exposed places.<\/span><span data-honesty=\"true\">Hypothetical assets and design scores, not advice.<\/span><\/figcaption><\/figure><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"map\" data-nxf-kind=\"map\" data-nxf-resource=\"nexus:\/\/gra\/A-P10\/topics\/concentration-and-industry\/#map\" data-nxf-title=\"Private Credit live map\" data-nxf-height=\"560\" hidden><\/div><\/div><\/div><\/section><section id=\"nx-sec-question\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"split\" aria-labelledby=\"nx-s-4\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">03<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">The question<\/span><\/div><h2 id=\"nx-s-4\" class=\"nx-section-title\">Concentration and industry: how the risk develops.<\/h2><p class=\"nx-lede\">Sector and borrower common exposures. The dossier below sets out how the risk develops, what is measured, where the data come from, how it is modelled and who decides.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-cells\" data-cols=\"2\"><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M2 20a2 2 0 0 0 2 2h16a2 2 0 0 0 2-2V8l-7 5V8l-7 5V4a2 2 0 0 0-2-2H4a2 2 0 0 0-2 2Z\"\/><path d=\"M17 18h1\"\/><path d=\"M12 18h1\"\/><path d=\"M7 18h1\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Sector clustering<\/h3><p class=\"nx-p nx-mt-1\">Lenders favour sectors with recurring revenue and high margins. If a sector's business model is disrupted, many loans weaken together.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M16 21v-2a4 4 0 0 0-4-4H6a4 4 0 0 0-4 4v2\"\/><circle cx=\"9\" cy=\"7\" r=\"4\"\/><path d=\"M22 21v-2a4 4 0 0 0-3-3.87\"\/><path d=\"M16 3.13a4 4 0 0 1 0 7.75\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Sponsor concentration<\/h3><p class=\"nx-p nx-mt-1\">A few large sponsors account for much deal flow. Their strategies and health affect many borrowers and lenders at once.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"m12.83 2.18a2 2 0 0 0-1.66 0L2.6 6.08a1 1 0 0 0 0 1.83l8.58 3.91a2 2 0 0 0 1.66 0l8.58-3.9a1 1 0 0 0 0-1.83Z\"\/><path d=\"m22 17.65-9.17 4.16a2 2 0 0 1-1.66 0L2 17.65\"\/><path d=\"m22 12.65-9.17 4.16a2 2 0 0 1-1.66 0L2 12.65\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Manager concentration<\/h3><p class=\"nx-p nx-mt-1\">A small number of large managers hold a growing share of assets, concentrating origination, valuation and workout decisions.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><rect x=\"16\" y=\"16\" width=\"6\" height=\"6\" rx=\"1\"\/><rect x=\"2\" y=\"16\" width=\"6\" height=\"6\" rx=\"1\"\/><rect x=\"9\" y=\"2\" width=\"6\" height=\"6\" rx=\"1\"\/><path d=\"M5 16v-3a1 1 0 0 1 1-1h12a1 1 0 0 1 1 1v3\"\/><path d=\"M12 12V8\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Club deals link lenders<\/h3><p class=\"nx-p nx-mt-1\">Large loans are shared among several funds. Distress at one borrower affects multiple lenders and their investors.<\/p><\/div><\/div><\/div><\/div><\/section><section id=\"nx-sec-terms\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-s-5\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">04<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Key terms<\/span><\/div><h2 id=\"nx-s-5\" class=\"nx-section-title\">Terms used on this page.<\/h2><p class=\"nx-lede\">Each term as this page uses it. Where a standard-setting body defines the term, the wording follows that body.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Term<\/th><th scope=\"col\">Definition<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Term\">Herfindahl index<\/td><td data-label=\"Definition\">A measure of concentration calculated as the sum of squared shares, here of exposure by sector.<\/td><\/tr><tr><td data-label=\"Term\">Club deal<\/td><td data-label=\"Definition\">A loan shared among a small group of lenders rather than syndicated widely.<\/td><\/tr><tr><td data-label=\"Term\">Intercreditor agreement<\/td><td data-label=\"Definition\">An agreement setting the rights and priorities of different lenders to the same borrower.<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><\/section><section id=\"nx-sec-indicators\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"band\" aria-labelledby=\"nx-s-6\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">05<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Indicators<\/span><\/div><h2 id=\"nx-s-6\" class=\"nx-section-title\">What is measured, and how well.<\/h2><p class=\"nx-lede\">Each indicator carries its unit, its cadence, the kind of source behind it and the evidence label a value would carry. No values are shown: a programme supplies them under its own authority.<\/p><\/div><div class=\"nx-section-body\" data-lv=\"register\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Indicator<\/th><th scope=\"col\">Unit<\/th><th scope=\"col\">Cadence<\/th><th scope=\"col\">Source type<\/th><th scope=\"col\">Label<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Indicator\">Sector share of portfolio<\/td><td data-label=\"Unit\">percent by sector<\/td><td data-label=\"Cadence\">quarterly<\/td><td data-label=\"Source type\">Fund and BDC disclosures<\/td><td data-label=\"Label\"><span class=\"nx-chip\">DECLARED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Top borrower exposures<\/td><td data-label=\"Unit\">percent of portfolio<\/td><td data-label=\"Cadence\">quarterly<\/td><td data-label=\"Source type\">Fund disclosures<\/td><td data-label=\"Label\"><span class=\"nx-chip\">DECLARED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Sponsor concentration<\/td><td data-label=\"Unit\">share of deals by largest sponsors<\/td><td data-label=\"Cadence\">annual<\/td><td data-label=\"Source type\">Deal databases<\/td><td data-label=\"Label\"><span class=\"nx-chip\">REPORTED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Manager market share<\/td><td data-label=\"Unit\">share of assets by largest managers<\/td><td data-label=\"Cadence\">annual<\/td><td data-label=\"Source type\">Industry data<\/td><td data-label=\"Label\"><span class=\"nx-chip\">REPORTED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Loans held by several funds<\/td><td data-label=\"Unit\">share of loans<\/td><td data-label=\"Cadence\">per study<\/td><td data-label=\"Source type\">BDC filing analysis<\/td><td data-label=\"Label\"><span class=\"nx-chip\">ESTIMATED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Herfindahl index of sector exposure<\/td><td data-label=\"Unit\">dimensionless<\/td><td data-label=\"Cadence\">quarterly<\/td><td data-label=\"Source type\">Calculated from disclosures<\/td><td data-label=\"Label\"><span class=\"nx-chip\">ESTIMATED<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"indicators\" data-nxf-kind=\"indicator\" data-nxf-resource=\"nexus:\/\/gra\/A-P10\/topics\/concentration-and-industry\/#indicators\" data-nxf-title=\"Indicators\" data-nxf-height=\"520\" hidden><\/div><\/div><\/div><\/section><section id=\"nx-sec-pipeline\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-s-7\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">06<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Canvas<\/span><\/div><h2 id=\"nx-s-7\" class=\"nx-section-title\">From sources to decisions.<\/h2><p class=\"nx-lede\">The topic as a computational graph: named sources feed the methods, an evidence review gates the outputs, and the decisions stay with the authorities that hold them.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-plate\" data-wide=\"true\"><div class=\"nx-plate-label\"><span class=\"nx-eyebrow\"><strong>Pipeline canvas<\/strong> \u00b7 Concentration and industry as a run graph<\/span><span class=\"nx-eyebrow\">Design, not a record<\/span><\/div><div class=\"nx-figure-frame\" data-scene=\"true\"><svg class=\"nx-figure nx-ui nx-dag\" viewBox=\"0 0 1200 564\" data-nx-dag=\"true\" data-w=\"1200\" data-h=\"564\" role=\"img\" aria-labelledby=\"nx-dag-a-p10-topics-concentration-and-industry-n-t nx-dag-a-p10-topics-concentration-and-industry-n-d\" data-nx-z=\"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\"><title id=\"nx-dag-a-p10-topics-concentration-and-industry-n-t\">Concentration and industry: climate scenario analysis pipeline<\/title><desc id=\"nx-dag-a-p10-topics-concentration-and-industry-n-d\">Orderly, disorderly and hot house scenarios supply pathways for carbon prices and macro variables; transition and physical channels change sector and asset outcomes; credit parameters and portfolio losses follow, and results are disclosed with their limits. Design of the process, not a record of a run.<\/desc><\/svg><\/div><\/div><p class=\"nx-caption\"><strong>Fig. 02<\/strong><span>Nodes carry their type, two metric rows and a state; connectors show what feeds what; dashed frames name the owners; the timeline is the cadence. Design of the pipeline, not a record of a run.<\/span><\/p><\/div><\/div><\/section><section id=\"nx-sec-sources\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-8\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">07<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Sources<\/span><\/div><h2 id=\"nx-s-8\" class=\"nx-section-title\">Where the evidence comes from.<\/h2><p class=\"nx-lede\">Named public datasets and institutional records, each with its licence class. Sources by agreement are used only under their terms and never republished.<\/p><\/div><div class=\"nx-section-body\" data-lv=\"register\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Source<\/th><th scope=\"col\">What it gives<\/th><th scope=\"col\">Licence class<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Source\">BDC filings on SEC EDGAR<\/td><td data-label=\"What it gives\">Sector and borrower exposures<\/td><td data-label=\"Licence class\">Public domain<\/td><\/tr><tr><td data-label=\"Source\">IMF Global Financial Stability Report<\/td><td data-label=\"What it gives\">Concentration in private credit<\/td><td data-label=\"Licence class\">Free, IMF terms<\/td><\/tr><tr><td data-label=\"Source\">Preqin and PitchBook data<\/td><td data-label=\"What it gives\">Manager and deal concentration<\/td><td data-label=\"Licence class\">Proprietary, licensed<\/td><\/tr><tr><td data-label=\"Source\">Rating agency sector studies<\/td><td data-label=\"What it gives\">Sector exposure and default analysis<\/td><td data-label=\"Licence class\">Proprietary, summaries free to read<\/td><\/tr><tr><td data-label=\"Source\">AIFMD II concentration rules for loan-originating funds<\/td><td data-label=\"What it gives\">EU limits on exposure to single borrowers<\/td><td data-label=\"Licence class\">Free, EU reuse terms<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"evidence\" data-nxf-kind=\"evidence\" data-nxf-resource=\"nexus:\/\/gra\/A-P10\/topics\/concentration-and-industry\/#evidence\" data-nxf-title=\"Sources\" data-nxf-height=\"520\" hidden><\/div><\/div><\/div><\/section><section id=\"nx-sec-decisions\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" data-variant=\"band\" aria-labelledby=\"nx-s-9\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">08<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Decisions<\/span><\/div><h2 id=\"nx-s-9\" class=\"nx-section-title\">Who decides, and what the evidence serves.<\/h2><p class=\"nx-lede\">Private Credit prepares evidence. The decisions below are taken by the authorities named, under their own rules, and never by the platform.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Who decides<\/th><th scope=\"col\">The question<\/th><th scope=\"col\">Evidence this page serves<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Who decides\">Fund investment committees<\/td><td data-label=\"The question\">What sector and borrower limits to apply<\/td><td data-label=\"Evidence this page serves\">Portfolio concentration data<\/td><\/tr><tr><td data-label=\"Who decides\">Institutional investors<\/td><td data-label=\"The question\">How to diversify across managers and strategies<\/td><td data-label=\"Evidence this page serves\">Manager and portfolio data<\/td><\/tr><tr><td data-label=\"Who decides\">Regulators<\/td><td data-label=\"The question\">Whether concentration rules are needed<\/td><td data-label=\"Evidence this page serves\">Market data and comparative rules<\/td><\/tr><tr><td data-label=\"Who decides\">Lender groups<\/td><td data-label=\"The question\">How to coordinate on shared distressed borrowers<\/td><td data-label=\"Evidence this page serves\">Intercreditor terms and practice<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nx-h4 nx-mt-4\">Outputs this topic produces<\/h3><ul class=\"nx-list\"><li>Guide to concentration measures in private credit<\/li><li>Brief on sector clustering and disruption risk<\/li><li>Method note on mapping shared loans across funds<\/li><li>Questions for investors on manager concentration<\/li><\/ul><\/div><\/div><\/section><section id=\"nx-sec-core-questions\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"split\" aria-labelledby=\"nx-s-10\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">09<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Core questions<\/span><\/div><h2 id=\"nx-s-10\" class=\"nx-section-title\">Shared questions the industry asks.<\/h2><\/div><div class=\"nx-section-body\"><ol class=\"nx-rows\"><li><span class=\"nx-eyebrow nx-index\">01<\/span><div><h3 class=\"nx-h4\">Which sectors dominate?<\/h3><p class=\"nx-p nx-mt-1\">How portfolios are distributed across industries such as software, health care and business services.<\/p><\/div><\/li><li><span class=\"nx-eyebrow nx-index\">02<\/span><div><h3 class=\"nx-h4\">How concentrated are sponsors?<\/h3><p class=\"nx-p nx-mt-1\">How much lending depends on a limited number of private equity owners.<\/p><\/div><\/li><li><span class=\"nx-eyebrow nx-index\">03<\/span><div><h3 class=\"nx-h4\">Do lenders share borrowers?<\/h3><p class=\"nx-p nx-mt-1\">How often the same companies borrow from multiple private lenders.<\/p><\/div><\/li><li><span class=\"nx-eyebrow nx-index\">04<\/span><div><h3 class=\"nx-h4\">What shocks could hit many at once?<\/h3><p class=\"nx-p nx-mt-1\">Sector, technology, policy, physical climate and supply-chain shocks.<\/p><\/div><\/li><\/ol><\/div><\/div><\/section><section id=\"nx-sec-mechanisms\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-s-11\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">10<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Mechanisms<\/span><\/div><h2 id=\"nx-s-11\" class=\"nx-section-title\">How the risk arises and transmits.<\/h2><\/div><div class=\"nx-section-body\"><p class=\"nx-p\">Private credit has favoured sectors with recurring revenues and asset-light business models, such as software and services. These may be resilient in some downturns and vulnerable to others, such as technological disruption or regulatory change.<\/p><p class=\"nx-p\">Sponsor concentration means that the strategies and fortunes of a limited number of private equity firms affect many loans. Sponsor behaviour in distress, whether they support companies or walk away, is a key uncertainty.<\/p><p class=\"nx-p\">Club deals and unitranche structures may concentrate exposures among fewer lenders per borrower, while the same borrowers may appear across many funds of the same manager.<\/p><p class=\"nx-p\">Common shocks, such as a rise in interest rates, a recession or disruption from artificial intelligence, could affect many borrowers simultaneously, raising default correlation.<\/p><p class=\"nx-p\">Physical and transition climate risks are relevant for borrowers in exposed sectors and locations, though asset-light portfolios may appear less exposed than they are through supply chains.<\/p><\/div><\/div><\/section><section id=\"nx-sec-methods-and-limits\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"band\" aria-labelledby=\"nx-s-12\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">11<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Methods and limits<\/span><\/div><h2 id=\"nx-s-12\" class=\"nx-section-title\">How evidence is gathered, and where it stops.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Method or data<\/th><th scope=\"col\">What it shows<\/th><th scope=\"col\">Its limit<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Method or data\">Portfolio composition data<\/td><td data-label=\"What it shows\">Sector and sponsor exposure<\/td><td data-label=\"Its limit\">Aggregated and lagged<\/td><\/tr><tr><td data-label=\"Method or data\">Overlap analysis<\/td><td data-label=\"What it shows\">Shared borrowers across lenders<\/td><td data-label=\"Its limit\">Requires confidential data<\/td><\/tr><tr><td data-label=\"Method or data\">Sector scenario analysis<\/td><td data-label=\"What it shows\">Effects of industry shocks<\/td><td data-label=\"Its limit\">Assumption-dependent<\/td><\/tr><tr><td data-label=\"Method or data\">Default correlation studies<\/td><td data-label=\"What it shows\">Clustering of defaults<\/td><td data-label=\"Its limit\">Short history at current scale<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><\/section><section id=\"nx-sec-methods\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-s-13\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">12<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Methods<\/span><\/div><h2 id=\"nx-s-13\" class=\"nx-section-title\">How it is studied, and what the methods cannot say.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-methods\" data-limits=\"true\"><ol class=\"nx-mledger\" aria-label=\"Methods\"><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/private-credit\/stem\/network-science\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">01<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Network science and contagion<\/span><span class=\"nx-mledger-role\">Shared loan networks \u00b7 Funding dependencies \u00b7 Stress propagation<\/span><\/span><span class=\"nx-mledger-go\"><span class=\"nx-mledger-go-label\">Applied here<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><div class=\"nx-mledger-aside\"><a class=\"nx-mledger-canon\" href=\"https:\/\/therisk.global\/stem\/mathematics\/network-science\/\" aria-label=\"Network science and contagion: canonical page on the STEM Commons\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/private-credit\/stem\/financial-economics\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">02<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Financial economics and macro-finance<\/span><span class=\"nx-mledger-role\">Bank to nonbank substitution \u00b7 Sponsor and lender incentives \u00b7 Liquidity mismatch<\/span><\/span><span class=\"nx-mledger-go\"><span class=\"nx-mledger-go-label\">Applied here<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><div class=\"nx-mledger-aside\"><a class=\"nx-mledger-canon\" href=\"https:\/\/therisk.global\/stem\/science\/financial-economics\/\" aria-label=\"Financial economics and macro-finance: canonical page on the STEM Commons\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/private-credit\/stem\/scenario-stress\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">03<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Scenario design and stress testing<\/span><span class=\"nx-mledger-role\">Rate and earnings shocks \u00b7 Fund liquidity scenarios \u00b7 System-wide exercises<\/span><\/span><span class=\"nx-mledger-go\"><span class=\"nx-mledger-go-label\">Applied here<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><div class=\"nx-mledger-aside\"><a class=\"nx-mledger-canon\" href=\"https:\/\/therisk.global\/stem\/mathematics\/scenario-stress\/\" aria-label=\"Scenario design and stress testing: canonical page on the STEM Commons\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><\/ol><aside class=\"nx-limits\" aria-label=\"What the methods cannot say\"><span class=\"nx-eyebrow\">What the methods cannot say<\/span><p class=\"nx-limits-text\">Concentration data come mainly from public BDCs and commercial databases with partial coverage. Sector classifications differ. Shared loan analysis depends on matching borrower names across filings, which can miss links. Private Credit explains concentration measures; it does not assess any portfolio or give investment advice.<\/p><\/aside><\/div><\/div><\/div><\/section><section id=\"nx-s-14-sec\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-14\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">13<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Questions<\/span><\/div><h2 id=\"nx-s-14\" class=\"nx-section-title\">Questions and answers.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-faq\"><details><summary>Why is private credit concentrated in certain sectors?<\/summary><div class=\"nx-answer\">Because lenders prefer businesses with recurring revenue and stable margins, such as software and services, which private equity sponsors often own.<\/div><\/details><details><summary>What is a club deal?<\/summary><div class=\"nx-answer\">A loan shared among a small group of lenders rather than syndicated widely, common for larger private credit transactions.<\/div><\/details><details><summary>Does concentration mean higher risk?<\/summary><div class=\"nx-answer\">It increases exposure to common shocks; whether risk is higher depends on the resilience of the sectors, sponsors and borrowers concerned.<\/div><\/details><details><summary>Does GRA publish managers' sector exposures?<\/summary><div class=\"nx-answer\">No. It publishes only aggregated analysis in which no manager or borrower can be identified.<\/div><\/details><details><summary>Why does sponsor behaviour matter?<\/summary><div class=\"nx-answer\">Because sponsors' decisions to support or abandon companies strongly affect lender losses.<\/div><\/details><details><summary>Are asset-light borrowers safe from physical risk?<\/summary><div class=\"nx-answer\">Not necessarily. They can be exposed through suppliers, customers and infrastructure.<\/div><\/details><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-tone=\"alt\" aria-labelledby=\"nx-rel-15\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Related<\/span><h2 id=\"nx-rel-15\" class=\"nx-h3 nx-mt-2\">Around Private Credit.<\/h2><nav class=\"nx-related nx-mt-3\" aria-label=\"Related\"><a href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/direct-lending\/\">Direct lending <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/leverage-and-refinancing\/\">Leverage and refinancing <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/valuation-and-data-gaps\/\">Valuation and data gaps <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/liquidity-and-redemptions\/\">Liquidity and redemptions <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/bank-nonbank-connections\/\">Bank nonbank connections <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/insurance-and-private-credit\/\">Insurance and private credit <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/private-credit\/\">Private Credit home <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/private-credit\/counterparts\/\">Counterparts across the Consortium <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/\">The Global Risks Alliance home <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/trust\/\">GRA governance and trust <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/nav><\/div><\/section><section class=\"nx-closing\" aria-labelledby=\"nx-close-16\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Private Credit<\/span><h2 id=\"nx-close-16\" class=\"nx-section-title\">Bring your expertise to this field.<\/h2><p class=\"nx-lede\">The current service level is R0: information and enquiries. An enquiry receives a reference and names the next step; applications, payments, compute allocations and registrations open only when their team, terms and review capacity exist.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"mailto:contact@globalriskalliance.com?subject=Private%20Credit%3A%20Concentration%20and%20industry\">Write to the team <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/private-credit\/contact\/\">See all contact routes<\/a><\/div><\/div><\/section><\/div><\/div><script class=\"_iub_cs_skip\">window.__nxMount ? window.__nxMount(document.currentScript) : null;<\/script>\n\n\n<script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"FAQPage\",\"@id\":\"https:\/\/globalriskalliance.com\/private-credit\/topics\/concentration-and-industry\/#faq\",\"isPartOf\":{\"@id\":\"https:\/\/globalriskalliance.com\/private-credit\/topics\/concentration-and-industry\/#webpage\"},\"inLanguage\":\"en\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Why is private credit concentrated in certain sectors?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Because lenders prefer businesses with recurring revenue and stable margins, such as software and services, which private equity sponsors often own.\"}},{\"@type\":\"Question\",\"name\":\"What is a club deal?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A loan shared among a small group of lenders rather than syndicated widely, common for larger private credit transactions.\"}},{\"@type\":\"Question\",\"name\":\"Does concentration mean higher risk?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"It increases exposure to common shocks; whether risk is higher depends on the resilience of the sectors, sponsors and borrowers concerned.\"}},{\"@type\":\"Question\",\"name\":\"Does GRA publish managers' sector exposures?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. It publishes only aggregated analysis in which no manager or borrower can be identified.\"}},{\"@type\":\"Question\",\"name\":\"Why does sponsor behaviour matter?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Because sponsors' decisions to support or abandon companies strongly affect lender losses.\"}},{\"@type\":\"Question\",\"name\":\"Are asset-light borrowers safe from physical risk?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Not necessarily. They can be exposed through suppliers, customers and infrastructure.\"}}]},{\"@type\":\"DefinedTermSet\",\"@id\":\"https:\/\/globalriskalliance.com\/private-credit\/topics\/concentration-and-industry\/#terms\",\"name\":\"Key terms: Concentration and industry\",\"inLanguage\":\"en\",\"isPartOf\":{\"@id\":\"https:\/\/globalriskalliance.com\/private-credit\/topics\/concentration-and-industry\/#webpage\"},\"hasDefinedTerm\":[{\"@type\":\"DefinedTerm\",\"name\":\"Herfindahl index\",\"description\":\"A measure of concentration calculated as the sum of squared shares, here of exposure by sector.\",\"inDefinedTermSet\":{\"@id\":\"https:\/\/globalriskalliance.com\/private-credit\/topics\/concentration-and-industry\/#terms\"}},{\"@type\":\"DefinedTerm\",\"name\":\"Club deal\",\"description\":\"A loan shared among a small group of lenders rather than syndicated widely.\",\"inDefinedTermSet\":{\"@id\":\"https:\/\/globalriskalliance.com\/private-credit\/topics\/concentration-and-industry\/#terms\"}},{\"@type\":\"DefinedTerm\",\"name\":\"Intercreditor agreement\",\"description\":\"An agreement setting the rights and priorities of different lenders to the same borrower.\",\"inDefinedTermSet\":{\"@id\":\"https:\/\/globalriskalliance.com\/private-credit\/topics\/concentration-and-industry\/#terms\"}}]}]}<\/script>\n\n<!-- nx-rev:cb9ef1fc157033fa -->","protected":false},"excerpt":{"rendered":"<p>LightDarkAuto A-P10 \u00b7 TOPIC \u00b7 concentration-and-industryGRA dossier \u00b7 service level R0 GRA\u00b7Private Credit\u00b7In development Topic dossier \u00b7 Private Credit Concentration and industry Private credit portfolios concentrate in certain sectors, sponsors &hellip; <a href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/concentration-and-industry\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Concentration and industry&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":28,"menu_order":897,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"_buddyx_sub_header_visibility":"","_buddyx_sub_header_title_visibility":"","_hide_show_side_panel":"","_buddyxpro_page_sidebar":"","_buddyxpro_page_disable_header":"","_buddyxpro_page_disable_footer":"","_buddyxpro_page_content_width":"","_buddyxpro_page_header_style":"","_buddyxpro_page_color_mode":"","_buddyxpro_page_loader":"","footnotes":""},"class_list":["post-46","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/globalriskalliance.com\/private-credit\/wp-json\/wp\/v2\/pages\/46","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalriskalliance.com\/private-credit\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/globalriskalliance.com\/private-credit\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/globalriskalliance.com\/private-credit\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globalriskalliance.com\/private-credit\/wp-json\/wp\/v2\/comments?post=46"}],"version-history":[{"count":2,"href":"https:\/\/globalriskalliance.com\/private-credit\/wp-json\/wp\/v2\/pages\/46\/revisions"}],"predecessor-version":[{"id":176,"href":"https:\/\/globalriskalliance.com\/private-credit\/wp-json\/wp\/v2\/pages\/46\/revisions\/176"}],"up":[{"embeddable":true,"href":"https:\/\/globalriskalliance.com\/private-credit\/wp-json\/wp\/v2\/pages\/28"}],"wp:attachment":[{"href":"https:\/\/globalriskalliance.com\/private-credit\/wp-json\/wp\/v2\/media?parent=46"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}