Private debt refers to the provision of capital by non-banks without involving the capital market. Non-banks are, for example, private debt funds in which institutional investors invest their capital. Private debt is basically a rather illiquid form of investment. Private debt benefits in particular those capital seekers who are not adequately financed by banks, especially medium-sized companies with a medium credit rating. The private debt spectrum is very heterogeneous. It includes in particular debt investments in companies (corporate private debt), but also lending for infrastructure projects, real estate and other tangible assets (such as aircraft). The risk-return profile of private debt investments depends, in addition to the purpose of the financing, primarily on the selected loan tranche. A distinction must be made here between senior and subordinated loans in particular.