Be careful what you’re paid for

Pinning down the illiquidity premium in private credit is no easy task

References to the so-called illiquidity premium are easy to find in the marketing materials of private credit funds. Blackstone talks about patient capital in the firm’s private credit primers. Ares announces on its website that through private credit funds, investors can capitalise on “illiquidity premiums across the spectrum”. One place the premium fails to show up, though, is in performance attribution.

The private credit arms of firms like Blackstone and Ares lend money directly to

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