Traditional leveraged loans are arranged by banks before being sold (or " syndicated" ) to dozens of investors, whereas private lending involves just a handful of funds, which usually hold smaller loans to maturity, creating a less liquid and more opaque market.

传统的杠杆贷款由银行安排， 然后出售（或“银团” ）给数十名投资者，而民间借贷只涉及少数基金，这些基金通常持有较小的到期贷款，从而形成流动性较低且更加不透明的市场。