Following higher-than-expected CPI results, which sent bond yields higher and equities lower, powerful earnings results from Nvidia sent markets higher in February. Small caps benefited from positive signs regarding recession and potential rate cuts. In international markets, Japan has seen strong market performance for the past 12 months, and China rebounded in February from a rough start to the year.

The private credit market has grown significantly in recent years, with both borrowers and lenders interested in the flexibility and customization of private transactions, especially as banks are constrained in their lending activities. In an environment of higher (albeit potentially moderating) interest rates, and in light of significant refinancing needs (Commercial Real Estate alone will see $1.5 trillion in debt mature by the end of 2025), private credit investing offers appealing opportunities.