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Transaction Type	Upfront Fees/ Discount to Par	Margin	Hold Period	Gross IRR
Direct Lending into Complex Situations	Upfront fees: 2 to 3%	700 bps +	6 months to 3 years	10% +
Secondary	Discount to Par: 15 to 20%	350 bps +	6 months to 5 years	13% +

Source: StepStone estimates

The key levers behind the target IRR for the opportunistic deal flow are (i) upfront fees/discount to par, (ii) margin and (iii) hold period. Other factors that can boost the IRR are triggering call protection, exit fees, and preferred equity/warrants as part of the structure.

The return range will also vary depending on where the investor focuses in the capital structure. For example, the return for first-lien transactions will be at the lower end of the range, with returns increasing as you descend the capital structure to second-lien transactions.

Our expectation is that loss rates will largely reflect the syndicated loans, first-lien and second-lien direct lending of 0.7%, 0.8%, and 1.6% respectively, with an additional premium of 0.3% to 0.5% for complexity.