Investing in syndicated loans are one particular type of private debt investment. Such private debt investments may provide attractive opportunities for a large investor able and willing to commit funds to illiquid instruments. Syndicated loans are issued with floating rates, supported by collateral and are normally senior to all other debt from the issuer. Institutional investors have become more active in the market for syndicated loans over time. The most developed secondary market is the market for syndicated loans provided to non-investment grade or unrated corporates, so-called leveraged loans.