Daily marks give a usable price for private credit that trades and a weak one for loans that don't. Monroe Capital's Ted Koenig and Fortress's Drew McKnight argue that Apollo's daily valuations say little about loans that rarely trade.

Blackstone's data center investments reached $200 billion as of July, and more of that AI exposure now reaches individual investors. President Jon Gray calls AI the most important work at the firm, while exits for assets that size remain unproven.

Private credit's retail outflows have a few more quarters to run. Hunter Point Capital CEO Avi Kalichstein argues products built for pensions must be redesigned before individual investors will hold them through a cycle.

KKR has put broad-based employee ownership plans in 85 portfolio companies. Pete Stavros argues the next decade of private equity returns will come from cultural transformation, with ownership as the main tool.

Semi-liquid retail funds now hold $388 billion, enough to make private credit supply rise and fall with investor sentiment. Federal Reserve researchers Logan George and Chaehee Shin argue that non-traded BDCs, with almost no cash buffers, tie middle-market lending to retail redemption cycles.

AI-linked debt is about 6.3% of US investment grade by direct obligor, and far more once hyperscaler lease guarantees are counted. KKR's Christopher Sheldon and Tal Reback argue that concentration limits should be set on that lessee basis.

Asset-backed finance can match direct lending income while more than 65% of private ABF is investment grade or equivalent. Apollo argues allocators can shift part of a corporate credit book into ABF to cut enterprise-value and refinancing risk.

Clarion Partners holds no single open-end asset above $500 million. President Josh Pristaw argues data centers are too large, capex-heavy and hard to value to belong in core open-end real estate funds.

82% of private credit managers in a new ICI and PwC survey name delayed borrower financials as a main source of valuation lag, even as interval funds price daily. The survey of 39 firms finds daily NAVs rest on third-party pricing and market proxies between borrower reports.

Brazil's policy rate stands at 14.25%, keeping local money in government bonds and private capital scarce. Tim Chamberlain of Brunel Partners argues that distressed specialists who lock in value at entry earn Brazil's best private equity returns.

Kroll's valuation team says carrying a fund stake at its last reported NAV, without adjusting for current markets, breaches ASC 820. Its read of the SEC staff statement puts index-driven models and borrower conviction under the same test.

The SEC proposed letting individuals qualify as accredited investors by passing a FINRA exam of about 2 hours, with an expected fee near $100. Status would last 10 years, and private fund distributors would verify holders through a FINRA lookup.

Under a total portfolio approach, private credit must beat a public replica built from high-yield bonds, floating-rate loans and BDCs. Invesco's Kenneth Blay and Benjamin Jones argue the approach raises the bar for every private commitment.

High yield offers an all-in yield near 7.3%, with US defaults below 1% since the pandemic. BNY Investments argues private credit's premium has narrowed once fees, credit losses and liquidity costs are counted.

Several weaker middle market CLOs now hold less than 1% of junior overcollateralization cushion, with defaulted-asset exposure as high as 5%. S&P Global Ratings finds the stable index average hides a cohort that started thin and took the defaults.

37% of family offices plan to add direct private equity while 27% plan to cut private debt. The RBC and Campden Wealth survey of 155 offices finds liquidity concerns steering capital toward direct ownership.

American investors have led 80% of European growth rounds over the last decade. Christian Sinding, investment committee chair of EQT's Scaleup Europe Fund, argues that Europe needs its own growth leads to build trillion-euro companies at home.

SEC staff want private credit funds to show how much reported income is cash and how much is capitalized PIK interest. Third-quarter filings are the first test.

About 15% of new leasing in Blackstone's US logistics business now comes from data center related uses, up from basically 0% three years ago. A.J. Agarwal and David Levine argue that warehouses have become part of the AI infrastructure build.

Default rates in direct lending and broadly syndicated loans have run at 4% to 5% for three years. KKR's Chris Sheldon argues that with no index for the market, returns will split by manager on vintage, sector mix and portfolio construction.