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Recent bankruptcies—namely, Tricolor, First Brands, and Broadband Telecom—have ignited concerns about the state of the private credit market. In this paper, we examine the root causes behind these failures, explore the structural dynamics at play, and reaffirm why disciplined underwriting, rigorous monitoring, and substantive overcollateralization are fundamental to long-term credit performance.

On August 7th, 2025, U.S. President Trump signed Executive Order 14330' (EO), which directs the U.S. Department of Labor (DOL) and the Securities and Exchange Commission (SEC) to issue guidance for employers regarding the integration of private market assets into U.S. 401(k) retirement plans.

On September 23, 2025, during a speech in Providence, Rhode Island, Federal Reserve (“Fed”) Chairman Jerome Powell was asked about the Fed's view of financial market pricing. He replied, "By many measures, for example, equity prices are fairly highly valued."

Investors often ask us: “What is private credit?” While the term “private credit” is used ubiquitously, we realized that most investors...

Stablecoins enable the settlement of payments on a global scale in a fast and secure manner. The industry as a whole has issued US$250...

What are JGBs? JGBs are akin to U.S. Treasuries (USTs) in Japan. They are issued monthly by the Japanese government, which is fully...