Private credit has transformed from a niche institutional strategy into a $1.7 trillion asset class, increasingly accessible to individual investors through “evergreen” or semi-liquid fund structures. While these funds offer compelling yields compared to traditional bonds, they introduce a unique set of liquidity risks and are propelled by powerful financial incentives for the firms that sell them. This topic has been quite popular of late as news headlines have been filled with concerns over the private loan portfolios of many investment firms, and investors struggling immensely to liquidate their assets in them.

First and foremost, as a reminder to our existing and new clients, I personally write and publish these articles from time to time when I feel it is necessary to communicate my thoughts to you. These have generally come during times of market volatility but also have been delivered at all-time highs. While the monthly market commentary is delivered, I sometimes feel the need to expand upon that with additional thoughts. With that said, I hope you find these valuable.

It’s hard to imagine what we’ve been through as humans and as investors in the last five years. During this period, we endured a global pandemic, 9% inflation, the fastest rate hiking cycle in history, bank failures, and a self-inflicted global trade war. All of these ‘shocks’ I have written about in these publications, which is exactly why this concept was created – to give you a timely perspective when you need it most.