Research report

Ask an investor how they’re feeling and they’re likely to echo the wary positivity of Larry David’s famous line on “Curb Your Enthusiasm”—“prett-ay, prett-ay, prett-ay good.”

Private debt has grown from niche asset class to a heavyweight due to multiple structural shifts in capital markets—and its growth has shifted the opportunity set for both investors and borrowers.

There are periods when knowing many things and skillfully implementing them is the main source of alpha, but that hasn’t been the case since the financial crisis.

The Treasury Department’s issuance of a significant amount of debt in July caused a profound shock to bond markets and left investors questioning the U.S. fiscal position.

Are leading economic indicators sending false signals? If not, then Houston we have a problem.

Zero interest rates and quantitative easing have long provided seemingly interminable tailwinds. But 2022 and Q1 2023 prove we’re now in a cut-down phase.