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Private Markets

Letter: Debate over private credit focuses on the wrong faultline

Published 14 April, 2026

The mismatch between private credit’s inherent illiquidity and attempts to package it as semi-liquid is creating unnecessary tension in markets.

Our founding partner, Patrice Mesnier, shared his perspective in the Financial Times on why the current challenges facing private credit aren’t about deteriorating fundamentals, but rather structural misalignment.

As Patrice argues, private credit was built on long-term capital funding illiquid assets, and attempts to make it behave differently through semi-liquid structures create risks that surface abruptly during market stress.

What is needed is better alignment between asset duration, liquidity terms and investor expectations, instead of trying to force private credit into frameworks it wasn’t designed for.

Read Patrice’s full letter here:
https://www.ft.com/content/8d554220-9fe5-42aa-95bb-2d874c23005f 
 
Quotes from Oldenburg

“Private credit was built on a very clear premise: long-term capital funding illiquid assets, with limited need for short-term liquidity. This is precisely what has allowed it to deliver relatively stable outcomes over time. The recent focus on redemption limits misses this point. These mechanisms are not a sign of stress; they are the structure asserting itself when it is finally tested.”

“The risk, therefore, is not the asset class itself. It is the growing gap between what the structure can consistently support and what is being implicitly promised to investors.”

— Patrice Mesnier, Founding Partner