Great post. One thing that concerns me is the private nature of this asset class. The lack of mark to market means the price signals are muted. There is more opportunity to ‘hide’ problems in a hold to maturity private space than in a publicly asset class. It makes the investment more bespoke and possibly less liquid.
Great post. One thing that concerns me is the private nature of this asset class. The lack of mark to market means the price signals are muted. There is more opportunity to ‘hide’ problems in a hold to maturity private space than in a publicly asset class. It makes the investment more bespoke and possibly less liquid.