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Tag: stacking

The Illusion of Liquidity in « Continuation Deals » and the Dynamics of Refinanced Liabilities. Why Private Credit Firms Are Selling $15bn in Debt to Themselves

The explosion of "Continuation Deals" (rising from $4 billion to $15 billion between 2024 and 2025) signals a break in Private Credit, not healthy innovation. These "self-dealing" transactions transfer credit and duration risk from mature funds to new investors without creating real economic value, masking the deterioration of the underlying assets. As seen by our…

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