> Who is the intermediary

Business development companies [0]. Blue Owl. BlackRock [1].

> are these buy side created SPVs?

Great question! Not always [2].

[0] https://www.reuters.com/business/finance/private-credit-fund...

[1] https://www.blackrock.com/corporate/newsroom/press-releases/...

[2] https://www.datacenterdynamics.com/en/news/meta-secures-30bn...