Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a summary of a detailed note available to paid subscribers.
Private debt funds continue to generate exceptional returns. While private debt asset classes have been posting investment performance in excess of historical averages, private credit has been a leading credit product. The Rabid Capitalist’s business development company (“BDC”) portfolio has provided top returns since inception.
The US Morningstar LSTA Index, a proxy for private debt funds’ performance, gained 4.4 percent through the first half of the year. The private debt asset classes have posted results above the twenty-year historic annual average of 5.7 percent. In 2023, these asset classes generated a 13.3 percent return, its second-best outcome, according to PitchBook.
The Rabid Capitalist’s BDC portfolio has been posting excellent results on an absolute, relative and risk-adjusted return basis.
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