The false promise of private credit

Private equity, and increasingly now private credit , portray themselves as a superior and more exclusive version of stock and bond markets. A curious artefact of financial services is that adding the word “private” in front of an asset class can magically convey the perception of higher returns. Like a Louis Vuitton handbag or Rolex watch, these returns are hard to access, only available to favoured institutions and high net worth individuals (HNWIs). The price of admission to a hot