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

Capital raising is the most important part of the fund creation process. If the manager is not able to raise enough capital to cover the start-up and operating costs of the fund, it will quickly fail. Empirical research has shown that chronic fundraising difficulties and failures explain why less than 20% of all start-ups and emerging managers manage to reach the symbolic threshold of $100 million in assets under management. Launching a new investment fund is no small task.