What the FS KKR Downgrade Means for Investors and Fund Managers Part I of the Private Debt Insight Series : T he Quiet Storm II — Following the Moody's Junk Downgrade of FS KKR Capital Corp 🚨 BREAKING: Moody's has downgraded FS KKR Capital Corp to junk status following non-accruals reaching 5.5% on cost basis — nearly 50% above the long-term industry average of 3.8%. The Quiet Storm just got louder. When I published Part I of this analysis — "Understanding the Liquidity Sque

Part I of the Private Debt Insight Series — March 2026 For much of the last decade, private debt was the darling of institutional investors. Attractive yields, low correlation to public markets, and consistent deal flow made it a cornerstone of alternative portfolios worldwide. But beneath the surface of this booming asset class, a structural vulnerability has been building — one that is now beginning to reveal itself in the form of a liquidity squeeze, What Is a Liquidity S

INVESTMENT RESEARCH - INSIGHT SERIES   Private Debt — March 2026   There is a quiet panic spreading through the carpeted corridors of private banks and family offices — those who distributed Evergreen funds from Blackstone, BlackRock and Blue Owl to their wealthy clients. Blackstone. BlackRock. Blue Owl. The giants of Private Credit are facing record redemption requests — and some are already closing the gate. We were sold the democratisation of the most attractive asset

The private markets landscape is undergoing a fundamental shift. As traditional exit routes remain congested and interest rate environments stabilize at higher levels, asset allocators are being forced to rethink their approach to illiquidity. Insight from the Citywire Private Markets DACH Retreat Munich 2025 Recently, Citywire Switzerland sat down with Dr. Marie-Laure Mikkelsen, founding partner of Alfinas Alternative Investment Partners, during the Citywire DAC