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: Building a Resilient Private Credit Portfolio

QuickTake

From Concentration to Strategy: Diversification in Private Credit Investing

A three-step guide for increasing diversification and resilience of private credit portfolios.

Topic: Different Types of Asset-Backed Credit

QuickTake

Asset-Based Lending vs. Asset-Backed Finance: Decoding the Next Frontier of Private Credit

Asset-Based Lending (ABL) and Asset-Basked Finance (ABF) differ in structure, risk and returns. ABL focuses on collateralized loans with downside protection, while ABF involves pooled assets with greater volatility. Understanding both helps build diversified portfolios.

Topic: Cash-Flow Lending vs Asset-Based Lending

QuickTake

Not All Private Credit Is Created Equal

Cash Flow Lending (CFL) is pervasive in investor portfolios but Private Credit also encompasses Asset-Based Lending (ABL). The article examines the structural differences and implications for risk-return and diversification.

Topic: Timely Updates

Commentary

The Impact of Tariffs on the AFA Asset Based Lending Fund

The impact of tariffs on private credit will likely be more muted in funds with minimal leverage, senior secured debt, asset-based underwriting, an overweight in fixed rates, and limited exposure to supply chains affected by tariffs.

Topic: Allocating Among Private Credit Investments

Perspectives

Optimize Your Private Credit Exposure: A Framework for Diversifying Beyond Corporate Direct Lending

Private credit extends far beyond corporate direct lending. A two-by-two framework illustrates the dynamics of cash-flow-based vs asset-based loans, and large vs. small borrowers and loan sizes.

Topic: Sources of Leverage and Risk

Perspectives

Hidden Leverage in Private Credit Funds: How to Assess What’s Hiding Under the Hood

The use of leverage among private credit funds varies widely. Some of this leverage is easy to detect on fund balance sheets, but additional leverage may be hidden. Understanding where to look is important for assessing risk.