Retail channel is undermining key advantage of private credit
By funding long-dated loans with daily-liquid retail vehicles, the industry is rebuilding the very duration mismatch it was designed to eliminate.
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99.7% of Par Doesn’t Tell the Full Story of Blue Owl’s Private Credit Sale
The 99.7% headline number misses the interest already stripped out of the loans — back out the accrued coupon on floating-rate SOFR paper and the real implied discount looks much closer to market.
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Could Cliffwater’s Interval Fund Business Exist Without Its Institutional Clients?
No-fee "bites" of institutional deals get repackaged into retail interval funds at full fee — a quiet cross-subsidy that raises whether the product could exist without its institutional client base.
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LACERS’ $4.96 Billion Shortfall Demands Better Board Governance, Not Budget Cuts
A $25.2 billion portfolio with a $4.96 billion shortfall cannot be closed with five-figure budget line-items — the real lever is board-level governance, not the petty-cash drawer.
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Know Thyself: Why Institutional Investors Should Stop Imitating Their Peers
Ashby Monk and Dane Rook argue that institutional self-awareness beats peer imitation: pensions, endowments, and SWFs each have structural strengths worth leaning into, not papering over.
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