Strategies
Private Credit
Direct lending to companies, typically senior and secured.
The typical shape of this kind of investment over time. An illustration, not a forecast.
Available by invitation only to eligible, self-certified investors. Nothing on this page is a public offer or an invitation to invest.
Overview
Private credit means lending directly to companies outside the public bond market, usually through funds. Loans are often senior and secured, and many pay floating rates that reset as interest rates change.
Investors are compensated for illiquidity and credit risk with higher income than comparable public bonds. Losses can still occur if borrowers default or collateral falls short.
Typical structure
A senior secured loan to a company, typically first lien on assets, paying a floating or fixed coupon quarterly, with principal repaid at maturity.
Illustrative, to explain the general shape of this asset class. Individual products vary, and each carries its own terms.
Who it may suit
- Investors seeking regular, contractual income
- Those comfortable with credit risk and limited liquidity
- Investors looking to complement public bond holdings
Typical characteristics
- Liquidity
- Low; quarterly or locked
- Typical horizon
- 3–7 years
- Role in a portfolio
- Income
- Typical risk range
- 4–5 of 7
- Typical minimum
- $50,000
Key risks
- Credit risk: borrowers may default or restructure
- Illiquidity: loans cannot be sold quickly and funds may limit withdrawals
- Valuation risk: loans are valued by model, not a market price
- Recovery depends on collateral and legal process
- Manager selection and concentration risk
This is a summary, not a full list. See the Risk Warning and each product's offering documents.
How it appears in your portfolio
Shown with an income projection: your capital stays flat while interest is paid on schedule, so income is visible separately from capital value.
Further reading
Events that moved private credit
- Private credit · 2 April 2026Blue Owl caps withdrawals from two private credit funds
- Private credit · 28 September 2025Tricolor and First Brands: two failures that unsettled private credit
- Alternatives · 15 June 2025Harvard and Yale sell private equity stakes
- Banking · 10 March 2023Silicon Valley Bank fails
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