Foundations of Private Markets and Private Credit

Mark Gochnour, Head of Global Client Services Group   |   Jake DeKinder, Head of Client Communications   |   Wes Crill, PhD, Senior Client Solutions Director and Vice President   |   Kevin Green, PhD, Head of Investment Solutions Thought Leadership   |   Byung Hyun Ahn, PhD, Senior Researcher   |   Kaitlin Hendrix, CFA, Asset Allocation Research Director and Vice President   |   Namiko Saito, PhD, Co-Head of Strategy Research

Foundations of Private Markets and Private Credit
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1 CE Credit | 55 min.

This course explores private credit and other private market investments as forms of alternative investments, with a focus on their structure, accessibility, and role in portfolios. It examines how vehicles such as business development companies (BDCs) provide exposure while also introducing unique considerations compared to traditional public markets. The course highlights key risks, including illiquidity, leverage, interest rate sensitivity, and limited transparency, and how these factors can impact performance and investor outcomes. It also evaluates the cost structures associated with private investments, including management fees, incentive fees, and broader opportunity costs. Overall, the course equips investors to assess whether alternative investments are appropriate given liquidity needs, risk tolerance, and portfolio objectives.

Course Objective(s):

  1. Define private credit and private market investments and describe their role as alternative investments within a diversified portfolio.
  2. Identify and evaluate key risks of alternative investments, including illiquidity, leverage, valuation challenges, and interest rate sensitivity.
  3. Analyze the structural features, costs, and access points of vehicles such as BDCs and how they differ from traditional public market investments.
  4. Assess the suitability of alternative investments based on an investor’s liquidity needs, risk tolerance, and overall portfolio strategy.

Part 3
Hiding in Plain Sight: Private Asset Exposure Through Public Equities

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