Private Credit · Market Perspective · March 2026

Private Credit Is Not Done: Why the Asset Class Endures

Redemption gates at BlackRock, Blackstone, and Blue Owl have rattled sentiment across the private credit market. The stress is real — but it is concentrated in a specific structural format, not the asset class itself. Here is why disciplined participants have reason for confidence.

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Trade Finance · Private Credit

The Trade Finance Allocation in Mid-Market Private Credit

Private credit has grown rapidly into an established asset class, with projections approaching $2.6 trillion by 2029. Within that expansion, trade finance — short-duration, self-liquidating, asset-backed — represents a compelling allocation. Yet participation among mid-market firms remains limited, not from lack of awareness, but from the operational demands of entry.

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Risk Management · Lessons Learned

Discipline Over Disruption: What Recent Trade Finance Failures Teach Us

The collapses of Greensill Capital, Stenn, and the difficulties at Pipe.com have drawn significant attention to the risks inherent in trade finance when discipline gives way to growth at all costs. Each case is distinct, but together they offer a clear set of principles for what sustainable, well-governed trade finance practice requires.

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Private Equity · Working Capital

Working Capital as a Strategic Lever for PE Portfolio Companies

For private equity firms navigating longer hold periods and rising capital costs, balance sheet optimization at the portfolio company level has taken on new urgency. Trade finance — specifically accounts receivable finance and supply chain finance — offers a structural solution that improves key metrics without adding debt, dilution, or covenant complexity.

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