The Window of Opportunity for Investing in Private Credit

Private credit strategies performed very well last year in general, both outright and then if you compare them to public market strategies, the outperformance was very significant. It's an area that benefits particularly interest rates arising, but also sees more more muted volatility. In terms of the opportunity set, though, I don't think you need to or should look at it as something that depends on broader volatility in order to make sense. Over the long term, it's a strategy that benefits from higher rates and it benefits from market volatility,. But it makes sense in almost any environment because of the structural changes to the market that I was trying to describe.