A Proposal to Save Private Credit (Sort Of)

First a confession: This article’s title should have been, “A Proposal to Save the Semi-Liquid and/or Interval Fund,” but you wouldn’t have clicked on that, so here we are. Besides, private credit is the investment villain du jour. And evergreen vehicles, with their 5% gates, are the epicenter of agony in the absence, at least so far, of any systemic waves of actual loan default.

By Nathan Dutzmann