Private credit: Performance vs. liquidity | J.P. Morgan
"This is a feature not a bug; it's actually a good thing for long-term holders... because it protects the fund from having to monetize illiquid investment at suboptimal prices." - Jake Pollock [00:01:22]
"Default rates today are actually pretty low; they're below historical norms for leverage lending. We do think default rates are going to increase from here—part of that is just mean reversion." - Jake Pollock [00:02:10]
References
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