The GP Manages the Clock
Private markets promised long-horizon investors an illiquidity premium. They did not promise that capital calls, redemptions, collateral, distributions, and sponsor demands would remain separate events.
Topic
Private Credit
Direct lending, the systemic question, and the search for floating-rate yield.
Latest in Private Credit
Private Credit's $500 Billion AI Stress Test
Software became direct lending's favourite trade. Now AI is repricing software economics in real time — and the first cracks will show up not as defaults, but as recognition risk. What universal owners must ask now.
You own the AI build-out. Now you're lending to it.
For two years the AI build-out has been an equity story — a thing universal owners owned, through their Nvidia and hyperscaler
Research
The universal owner is now the lender of the AI build-out
Research & Commercial Insight · June 22, 2026 · UAO Research There is a tidy story large allocators have told themselves about artificial intelligence:
Private Credit
Sizing Private Credit: A Due-Diligence, Liquidity and Covenant Checklist
A practical checklist for committees: separate skill from leverage and illiquidity premia, stress your own liquidity assuming gates, and read the covenant package before the yield.
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