As someone who spends most of my time doing bottom-up work on individual companies, I think there’s a big shift happening. A lot of long-term capital, sovereign wealth funds, insurers, pensions, is quietly allocating more toward private, investment-grade credit.
At the same time, public markets have become more concentrated in a handful of large names, while many sizeable businesses remain private. In my opinion, private credit is seen as a relatively steady way for institutions to diversify and access long-duration cash flows.
I’m paying close attention to where patient capital is going.
Great summary, thanks
As someone who spends most of my time doing bottom-up work on individual companies, I think there’s a big shift happening. A lot of long-term capital, sovereign wealth funds, insurers, pensions, is quietly allocating more toward private, investment-grade credit.
At the same time, public markets have become more concentrated in a handful of large names, while many sizeable businesses remain private. In my opinion, private credit is seen as a relatively steady way for institutions to diversify and access long-duration cash flows.
I’m paying close attention to where patient capital is going.
Great overview and summary
Thank you.