Forbes: The Enterprise Zone · Oct 15, 2026 · 43m · 33m saved
With Damien Dwin, Founder and CEO of Lafayette Square
Lafayette Square manages $1.2 billion as of its June 30 results, up from the $944 million Forbes reported in February.
Damien Dwin, founder and CEO of Lafayette Square, told Forbes senior writer Jabari Young on Forbes: The Enterprise Zone how the firm got there. Many private credit lenders chased larger borrowers with $100 million to $200 million of EBITDA. Damien lends to companies below $50 million and draws much of his debt capital from the Small Business Administration.
"Government is our biggest lender. Government supplies us with debt capital at very attractive prices through SBA." — Damien Dwin
Damien worked at Salomon Brothers and Goldman Sachs and co-founded Brightwood Capital Advisors before he started Lafayette Square in 2020.
The full interview is covered here so you can skip it. 43 minutes of audio, 10 minutes of reading.
Here are the 12 insights that matter.
Key Takeaways
Smart investment committees are preparing for a 6% 10-year note, Damien says, with equities already fully priced
Lafayette Square's borrowing costs fall each quarter it meets its Goal 2030 job targets
Borrowers that improve employee benefits get a lower interest rate
Companies below $50M of EBITDA are underserved because many lenders chased bigger deals
The SBA is Lafayette Square's biggest lender, and the firm is named for the park facing the White House
Wider net interest margins will bring scrutiny from Congress, in Damien's forecast
Lafayette Square rejects 98% of the deals it sees and passes on any loan its team disagrees on
1. A 12% Target, Not 40%
Damien opened on his own investing rule. He would rather compound at a steady rate than chase a big year, and he argued that private credit's "glide path" is the best way to get there.
Damien Dwin prefers 12% a year to a 40% year
"I like 12% as a target number. I actually don't believe in chasing 40% years. I like 12, compounding every year." — Damien Dwin
That does not mean staying out of stocks. Damien wants equity exposure alongside the steadier return from lending.
Damien Dwin still bets on America through equities
"You have to be exposed. You have to be optimistic. You always have to bet on America. But I also think there's a lot to be said for a 10 to 12% every year, sleep-at-night mindset." — Damien Dwin
