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“Private credit has boomed into one of Wall Street’s fastest growing industries, more than tripling in size in the last decade to $1.7 trillion as money managers gravitated to investments that promised high returns as well as a shield from mark-to-market losses. Historically celebrated for providing stability even when public securities were whipsawing, that attribute is increasingly being seen as a liability as investors fret that untroubled values may not be accurately reflecting true risks.”




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