Private Credit in a Higher-for-Longer World

Where the carry compensates the risk, and where it no longer does.

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The cedar in our crest is a reminder that the most valuable assets compound on timelines longer than a single fund cycle. The discipline required to underwrite at that horizon is not glamorous. It is, however, the discipline that compounds.

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"Patience is not the absence of action; it is action timed to the cycle."

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