Private credit encompasses many types of nonbank lending and activities that bear little resemblance to one another and carry different risk profiles.  Because of this diverse spectrum, the term “private credit” can be misleading when used broadly. Therefore, to align its private credit
initiatives focusing on corporate lending, the LSTA uses the term “private corporate credit” (PCC), which it defines as the universe of activities covering leveraged lending to corporates with little or no direct bank involvement.

The PCC market is rife with jargon. While this glossary is not intended to be exhaustive, it seeks to make the jargon accessible.