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Venture debt loan valuations are increasingly diverging from other corporate lending strategies in private credit, with a significant rise in distressed debt, according to recent data. As of the third quarter of 2025, 24% of venture debt loans were marked at least 20% below their principal value – a benchmark typically indicating borrower financial difficulty – more than double the 9% recorded in the first quarter of 2022.

The trend contrasts sharply with private credit funds focused on opportunistic and direct lending, where write-downs have been more moderate. These funds experienced rates of both moderate and severe write-downs roughly one-third lower than those observed in venture debt portfolios as of Q3 2025.

This divergence is reflected in fund performance. Venture debt posted a quarterly return of -1.5% in Q3 2025, while direct lending and opportunistic strategies reported positive returns, indicating that write-downs are impacting overall strategy performance. The broader private equity market saw a nearly 43% jump in transaction value in Q3 2025, according to S&P Global, but this growth has not extended to the venture debt sector.

Initial analysis might point to technology sector exposure as a primary driver of the distress, given that IT represents nearly 40% of the net asset value in venture debt, compared to 19% for direct lending and 7% for opportunistic funds. However, the recent wave of write-downs in venture debt has been largely attributed to health-care borrowers, while technology loans have shown below-average rates of distress.

This disparity suggests the issue is not sector-wide. Borrowers in the health-care sector financed by direct lending and opportunistic funds have experienced significantly lower write-down rates than their venture-backed counterparts. A recent report from McKinsey & Company highlighted a tougher terrain for private equity, but did not specifically address the divergence within the venture debt market.

Despite the current resilience of technology loans within venture debt portfolios, growing concerns within the IT sector could potentially exacerbate the situation. A substantial increase in distress within the technology sector could compound the existing write-downs, given the strategy’s significant exposure. Some institutional investors are already expressing caution towards private equity, according to reports from cepr.net, though the specific impact on venture debt remains to be seen.

Recent activity also indicates increasing concerns about “bad PIKs” – payment-in-kind loans – showing “cracks” in the corporate debt market, as reported by Fortune. While not exclusively tied to venture debt, this trend suggests a broader tightening in credit conditions that could further pressure valuations.

MSCI has noted the deteriorating health of venture debt loan marks, but has not issued a comprehensive analysis of the underlying causes. As of February 18, 2026, no official statements have been released regarding potential interventions or adjustments to valuation methodologies.

Australians are facing increasing financial pressures, and the rising cost of private health insurance is a significant concern for many. With premiums recently increasing by an average of 4.41%, it’s a prudent time to reassess whether your current coverage still delivers value, particularly when considering extras like dental, optical, and chiropractic care. Navigating the complexities of health insurance requires a careful audit of your needs and a willingness to shop around for the best possible deal.

Determining whether your private health insurance extras are worth the cost isn’t a one-size-fits-all answer. It’s a deeply personal calculation based on your unique health circumstances, lifestyle, and financial situation. However, a systematic approach can help you make an informed decision and potentially save money.

The first step is to meticulously document your usage of extras over the past year – or even several years, if you have the records. Note how often you used each service, the out-of-pocket costs, and the rebates you received from your insurer. This historical data provides a baseline for understanding your typical spending patterns.

Next, project your anticipated needs for the coming year. Consider any planned procedures, routine check-ups, or potential changes in your health that might require additional coverage. For example, if you anticipate needing new glasses, factor in the potential cost of optical services. Also, consider longer-term needs, such as pregnancy or pre-existing conditions, as some extras have significant waiting periods – up to a year – before they become active.

Auditing Your Extras: What Are You Really Paying For?

Once you have a clear picture of your past and anticipated usage, it’s time to audit your current extras coverage. Identify any services you haven’t used in the past year or have used only sparingly. Calculate whether the premiums you paid for these unused extras exceeded the amount you would have paid out-of-pocket without insurance. Conversely, if you regularly utilize a particular extra service, determine if the premiums, combined with rebates, result in overall savings.

After evaluating your extras, consider your hospital cover needs. Choosing the appropriate level of hospital cover is crucial, especially if you anticipate needing specific treatments or procedures. Ensure that the cover aligns with any potential waiting periods or restrictions.

Shopping Around for Better Value

With a clear understanding of your needs, it’s time to explore your options. While commercial comparison websites can be a starting point, exercise caution. These sites often receive commissions from insurers, which can influence their recommendations and limit the range of policies they display. It’s been noted that many commercial comparison sites only compare around 12 or fewer health insurance providers, despite over 30 being available in Australia.

For a truly independent comparison, utilize the government’s private health insurance comparison site, run by the Commonwealth Ombudsman. This resource provides comprehensive details on all available policies without any affiliate bias. Alternatively, Choice offers an independent comparison tool covering 48 providers, though it requires a $29.95 three-monthly subscription.

You can also directly visit insurance providers’ websites or contact them for quotes, but this can be a more time-consuming process.

Leveraging Preferred Provider Networks

To potentially reduce your out-of-pocket costs, consider utilizing your health insurer’s “preferred provider” network. These are pre-approved health service providers who have agreed to set fees with the insurer. However, Choice notes that accessing care through these networks may sometimes compromise continuity of care, particularly if the insurer operates its own clinics. What we have is less of a concern for one-off treatments like annual dental cleanings but could be problematic for chronic conditions requiring ongoing care.

Remember that you have the right to switch your hospital cover or insurer without incurring financial penalties or re-serving waiting periods, provided you maintain a comparable level of cover. However, adding new extras or upgrading your existing coverage will typically require you to serve new waiting periods. The Australian Competition and Consumer Commission suggests that some insurers may waive waiting periods for extras when switching providers, so it’s worth inquiring about this possibility.

the decision of whether your private health insurance extras are worth the cost is a personal one. Life is unpredictable, and unexpected health needs can arise. However, adopting an annual process of reviewing your coverage and shopping around can help ensure you’re getting the best value for your money.

As health insurance continues to evolve, staying informed and proactive is key. Regularly reassessing your needs and exploring available options will empower you to make the most informed decisions for your health and financial well-being.

What are your biggest concerns about the rising cost of health insurance? Share your thoughts in the comments below.

Disclaimer: This article provides general information about private health insurance and is not intended as financial or medical advice. Consult with a qualified professional for personalized guidance.

Serious allegations of harassment and humiliation are surfacing against a manager at the prestigious Luxushotel Interalpen in Austria. The accusations, detailed in reports, center around a manager – identified only as “E.” – and his alleged behavior towards apprentices working at the hotel. The claims paint a disturbing picture of a toxic work environment and raise questions about oversight and accountability within the luxury hospitality sector.

The most concerning allegations involve a WhatsApp group created by “E.” for his team, reportedly named “A la fotzen.” According to reports, the group’s profile picture featured a selfie of an employee posing in front of exposed genitalia. The group consisted of four men and one woman. A former apprentice, identified as “Lisa,” alleges months of sexual harassment by “E.”, culminating in a report to the hotel’s human resources department.

Details from the HR report, as reported, outline a pattern of disturbing behavior. The report allegedly includes statements such as “’Villa E.’ is ready for bumping, he carves cucumber penises, makes whipped cream roads as an allusion,” referencing “Villa E.” as “E.’s” staff room. Further allegations detail “E.” allegedly knocking on Lisa’s door late at night whereas intoxicated, and, in one instance, allegedly exposing himself to her. Another claim states that “E.” allegedly instructed another apprentice to inquire about the sense of Lisa’s breasts.

The alleged harassment didn’t stop when the workday ended. Both Lisa and “E.” reportedly resided in staff accommodations at the hotel. A screenshot of an Instagram chat between “E.” and Lisa, reportedly sent at 2:08 AM, shows “E.” asking Lisa to come to his room, referred to as “the villa.” Lisa did not respond, and “E.” reportedly followed up with a “good night” message.

The impact of “E.’s” alleged actions on Lisa was significant. The HR report details Lisa’s reported struggles with insomnia, requiring sleep medication, and a general feeling of insecurity within her own room. Lisa reportedly demanded consequences for “E.” from the HR department, but It’s alleged that no immediate action was taken. Shortly after the conversation with HR, Lisa reportedly resigned from her position.

Allegations Detail a Pattern of Inappropriate Conduct

The reports suggest a pattern of inappropriate behavior extending beyond the alleged harassment of Lisa. The existence of the WhatsApp group, with its offensive name and profile picture, points to a broader culture of disrespect and objectification. The alleged instructions given to another apprentice to question Lisa about her body further demonstrate a disturbing abuse of power.

Hotel Interalpen Responds

As of February 18, 2026, Luxushotel Interalpen has not issued a public statement regarding these allegations. Attempts to reach the hotel for comment were not immediately successful.

The allegations against “E.” raise serious questions about the safeguards in place to protect apprentices and other staff members within the hospitality industry. The reported lack of immediate action following Lisa’s complaint to HR too highlights the need for robust reporting mechanisms and swift, decisive responses to allegations of harassment.

The situation at Luxushotel Interalpen underscores the importance of creating safe and respectful work environments for all employees, particularly those in vulnerable positions such as apprentices. Further investigation is needed to determine the full extent of the alleged misconduct and to ensure that appropriate action is taken to address the concerns raised.

What comes next will likely depend on whether authorities launch a formal investigation and whether additional individuals come forward with similar allegations. The outcome of any investigation could have significant implications for the hotel’s reputation and for the broader hospitality industry.

Have your say: What steps should hotels accept to prevent harassment and protect their employees? Share your thoughts in the comments below.

Milan and Como played to a 0-0 draw on Wednesday, a result that leaves Inter Milan with a significant lead in the Serie A title race. The match at San Siro was notable not only for the lack of goals but also for pre-game and post-match discussions surrounding refereeing and player conduct, with Igli Tare, a prominent football figure, expressing concerns about the impact of controversial incidents on the game. The draw allows Inter to maintain their eight-point advantage over Milan, increasing the pressure on the Rossoneri to perform consistently.

The stalemate comes at a crucial juncture in the season for both clubs. Milan, without European commitments this year, has benefited from a less congested schedule, allowing for focused preparation. However, they now face the challenge of closing the gap on Inter, while Como, enjoying a successful season after securing Serie A survival, continue to push for a Champions League qualification spot. A win for Como would have moved them within three points of fourth-placed Roma, but the draw keeps their ambitions within reach.

Prior to the match, Tare voiced his concerns regarding recent refereeing decisions and player interactions, specifically referencing an incident involving Bastoni and Kalulu. “Bastoni-Kalulu? Things from the past, they’ll happen again in the future. It’s not like they’ll stop,” Tare stated, as reported by sources covering the match. He further emphasized the necessitate for a more measured approach from players and officials, stating, “Obviously these things aren’t good for football, we all need to be smart and take a step back and try to give referees peace of mind so they can do their job in the best way possible.”

Como manager Cesc Fàbregas also addressed the challenges facing his squad, highlighting their limited depth. “We’re not a team built to play every 3 days. We’ve been playing every 3-4 days for 2 months,” Fàbregas explained. He also discussed his team’s tactical flexibility, noting that multiple players are capable of playing as a false nine, a strategy employed to create space and exploit Milan’s defense. “Everyone plays a bit as a false nine. It’s about trying to create space that can hurt Milan. We need to attack the depth, have good positional play, and be dangerous when we have the ball,” he said.

Lineups and Match Details

The match saw both teams field competitive lineups. Milan started with Maignan in goal, a defense of Tomori, De Winter, and Pavlović, and a midfield featuring Athekame, Jashari, Modrić, Ricci, and Bartesaghi. The attack was led by Nkunku and Leão. Como responded with Butez in goal, a backline of Kempf, Ramón, and Diego Carlos, and a midfield consisting of Vojvoda, Perrone, Caqueret, Roberto, and Van der Brempt, with Paz and Baturina up front.

MILAN (3-5-2): Maignan; Tomori, De Winter, Pavlović; Athekame, Jashari, Modrić, Ricci, Bartesaghi; Nkunku, Leão.

COMO (3-5-2): Butez; Kempf, Ramón, Diego Carlos; Vojvoda, Perrone, Caqueret, Roberto, Van der Brempt; Paz, Baturina.

Leão’s Fitness and the Title Race

Tare also provided an update on the fitness of Rafael Leão, noting improvements in the player’s condition. “Leao has been much better physically in the last 10 days. The problem still exists but he’s much better,” Tare said. Leão’s performance will be crucial for Milan as they attempt to close the gap on league leaders Inter. The eight-point difference between the two Milan clubs, as of today, February 18, 2026, represents a significant challenge for the Rossoneri, and consistent results will be essential to maintain their title aspirations. OneFootball reported on the pre-match analysis.

Looking ahead, both Milan and Como face demanding schedules. Como’s limited squad depth, as highlighted by Fàbregas, will be tested as they continue to compete on multiple fronts. Milan, meanwhile, will need to capitalize on their opportunities and hope for a slip-up from Inter to reignite their title challenge. The coming weeks will be pivotal in determining the final standings in Serie A.

What are your thoughts on the match? Share your opinions in the comments below, and be sure to share this article with fellow football fans.