If there is one thing we can all agree on, it’s that 2025 kept everyone on their toes. The headlines kept coming: tariffs, rates, geopolitics, AI—every month brought something new. And as we sit to write this note, the true story in private credit has not been in line with the more sensational headlines. Instead, it has been about an industry going back to basics with a healthy dose of reality and caution. For us, that means sticking to our consistent investment processes while continuing to adapt and learn with changes in market conditions.
Considering what has felt like a few years condensed into one, we thought it might be helpful to step back and answer some of the questions we keep hearing. No spin, just a check-in after a year that tested everyone’s mettle.
