Investors piled into private credit over the past decade for higher yields – and for the stability that fixed income was always intended to provide during downturns.But some of those credit investments now come with a different set of assumptions: that growth will continue, that these companies won’t be disrupted by changes like AI, that capital markets will stay open, and that managers can easily get out of their investments. That sounds like a stock. And in many cases, it behaves like one too.

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Hamza Lemssouguer: If Your Credit Relies on Growth, Avoiding Disruption, and IPOs, It Looks a Lot Like Equity