Featured Insights

Topic: Private Markets Volatility

Volatility “Laundering” is a Myth: We’re Measuring the Wrong Price

Private asset prices are often accused of being stale and artificially smoothed. But in real life, private prices are truly slow-moving. Contrary to conventional wisdom, the low volatility of private assets does not imply that long-term private returns are not risky.

All Insights

Topic: True Credit vs Alternative Income

QuickTake

Is Your Private Credit Fund Truly “Credit”?

A number of Private Credit funds include investments in alternative sources of income that are not strictly debt. The article examines the distinctions and implications.

Topic: Income vs Total Return

QuickTake

In the Land of Fixed Income, We Believe Yield Is King

The caveat "prior returns is not a predictor of future performance" always applies, but in fixed income starting yield is a useful predictor of medium term returns.

Topic: Recovery Rates vs Defaults

QuickTake

In Times of Crisis, Recovery Rates Matter a Lot

The article unpacks how different types of credit are affected in economic downturns. Investors should look beyond simple default rates because recovery rates have a major effect on total returns.

Topic: Private Credit vs Public Fixed Income

Perspectives

Why Private Credit Deserves a Place in Your Fixed Income Portfolio

Thanks to shorter durations, floating rates and loan structure, private credit may complement and enhance public bonds in diversified fixed income portfolios.

Topic: Timely Updates

Commentary

SVB Failure: The Impact on Private Credit

We expect the SVB failure to be a negative for small and middle market borrowers and a positive for private credit. Depositor flight to large banks will make it harder for smaller borrowers to obtain loans, which creates an opportunity for private credit to fill the void.