Private Equity and Private Credit - What's Going On?

Private credit has this sort of extend and pretend ability with, you know, they're creatures of the private equity firms. They don't want to admit a bankruptcy. They just do an amendment, and they keep rolling over. And i think that what's ended up happening is that private equity made a switch from being ing levered small cap value, to being leveredsmall cap growth. So why take both in one illiquid package? And yet, growth was what worked last decade, so they didn't get punished for doing that. In fact, they got rewarded for it. The key acid test is what happens next year when we start to see cracks r k oan go down.