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Over the past decade, private credit lenders didn’t just grow, they became the de facto lender to many of the middle market businesses in America. The transition created genuine value for borrowers and attractive income for investors. That rapid rise helped to bring private credit into the mainstream, and assets under management grew substantially.  Between 2014 and 2024, the size of the private credit market roughly quadrupled, with total AUM growing from about $500 billion to over $2 tri

Entering the new year, investors find themselves reflecting on the last twelve months, assessing what took place and where we go from here. With the multi-pronged support of monetary and fiscal policy, the U.S. economy continued to shine, leading to continued profitability for corporate America and strength across risk assets. In this letter, we also talk about the Fed policy pivot and how diversified portfolios worked in a year when so much focus was on artificial intelligence (AI). Mid‑Cycle

Investing isn't just about picking the right mix of stocks and bonds. It's about understanding the forces that influence markets and how your own behavior can impact outcomes.

Over the past several months, we’ve explored the transformative potential of artificial intelligence from multiple angles. First, we laid the groundwork by describing what AI is and how it may be poised to reshape the way we work and live. We then turned our focus to where AI is already showing up in markets and portfolios, highlighting key inputs in the buildout and the best ways for investors to gain exposure to this emerging investment theme. Most recently, we took a step back to consider AI

Investing isn’t about chasing trends or picking the latest hot stock — it’s about building a strategy that can withstand different market environments and keep you aligned with your long-term goals.

“There are decades when nothing happens, and there are days when decades happen.” That timeless adage feels especially apt in 2025.

For most of human history, technological progress has been slow and predictable. Generations lived and died using the same tools. The leap from stone tools to controlled fire took millions of years. Even after that, breakthroughs like agriculture, writing, and the wheel were separated by thousands of years. Then came the industrial and digital revolutions. The pace accelerated dramatically: the Wright brothers’ first powered flight in 1903 was followed by the moon landing just 66 years later. C