“’Private credit’ means raising money from long-term locked-up investors and using their money to make loans to companies. The fact that the investors in private credit funds have their money locked up is not incidental; it is the point of private credit.”
– Matt Levine, Bloomberg Opinion columnist
The Through Line: Private credit has had a rough go of it lately after an extended period of heady growth and robust investor enthusiasm. By definition, the asset class is opaque and investments are locked up for years – a combination that incites heart palpitations and sweaty palms when headlines turn scary. We frame the issues that are making observers most discombobulated, sidestepping fraught emotions to cast a rational light on recent trends.
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