Apollo!

Apollo!

Where do we stand with private credit? Every new development in this area prompts us to provide updates. This week, Apollo Global Management is limiting redemptions because—as we have repeatedly noted—“semi-liquid” funds are revealing their structural trade-off:...
Private debt: the sentiment in the sector

Private debt: the sentiment in the sector

Semi-liquid private debt funds are based on the same simple concept that characterizes commercial banking: not all account holders will withdraw their deposits at the same time, creating a liquidity crisis for the bank. In reality, in situations of panic (whether...
Private Debt Updates

Private Debt Updates

Although the fourth Gulf War is currently dominating the headlines, we continue to focus on news concerning a sector that is entering a crisis and could (and here the conditional is a must) trigger a real systemic crisis: private debt, which we have repeatedly...
Private credit or private debt?

Private credit or private debt?

The news broke on February 19 in the FT: private credit group Blue Owl will permanently limit investors’ ability to withdraw their money from its inaugural private retail debt fund, backtracking on a previous plan to reopen redemptions this quarter. As a result,...
₿: the new gold reserve for central banks

₿: the new gold reserve for central banks

It is not only the US that wants to accumulate Bitcoin as a Fed reserve. Brazil, too, with RESBit (Reserva Estratégica Soberana de Bitcoin), a bill presented to the Brazilian Congress in 2026, intends to authorise the state to accumulate up to 1 million BTC in 5 years...