Capital Allocators · Thursday, July 16, 2026
According to Frank Danieli, the ability to source unique deal flow is the primary determinant of long-term success in the private credit industry. He argues that relying on common deal flow leads to competition on price and terms, a 'race to the bottom.'
“The thing about sourcing is that it's the ultimate differentiator. If you have access to deal flow, if you can source opportunities that your competitors cannot, then you're in a much better position to be able to generate returns.”
“If you're reliant on deal flow that everyone else is seeing, then you're going to be competing on price and terms, and ultimately, that's a race to the bottom.”