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The Big Take
Cliffwater’s Father-Son Duo Is Lashed by Private Credit’s Brewing Storm
Stephen and Blake Nesbitt built their modest consulting business into a private credit giant. Now their industry connections are being scrutinized as investors rush for the exits.
Stephen Nesbitt was on no one’s list of Wall Street heavyweights when he bumped into a thirty-something salesman pitching the next big thing for wealthy investors: private credit.
Nesbitt — who, as it happened, had written a book on private debt — took the idea and ran with it.