Opportunities in Semi-Liquid Private Market, The Fund Review

The Fund Review

Opportunities in Semi-Liquid Private Market

The Fund Review provides data and  high-quality research on Alternative Investment Funds. We write detailed reports with thoughtful, clear and honest opinions to support investors’ due diligence and investment selection. Our focus is on private asset funds across infrastructure, real estate, private credit and private equity.

Private Capital Markets

Blue Owl Capital Corporation II / Private Capital Markets

Blue Owl Capital Corporation II operates as a specialty finance and business development company. The Company provides direct lending solutions to the middle-market companies, as well as targets senior secured, subordinated, mezzanine loans, and equity-related instruments. Blue Owl Capital serves customers in the United States.

Blue Owl Capital Corporation II (BOC2BDC US)

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<li>A.I. innovation will continue to disrupt industries including enterprise soft ware so the dismissive response from alternative asset managers seems cavalier.</li>
<li>Poor disclosure about portfolio positioning and borrower health is a dangerous information vacuum when investors have the flexibility to make redemption requests.</li>
<li>Despite the challenges, the fundamental ingredients of high interest income and cheap access to finance puts the private credit sector in a position where it should continue to deliver strong returns.</li>
</ul>


A.I. innovation will continue to disrupt industries including enterprise soft ware so the dismissive response from alternative asset managers seems cavalier.
Poor disclosure about portfolio positioning and borrower health is a dangerous information vacuum when investors have the flexibility to make redemption requests.
Despite the challenges, the fundamental ingredients of high interest income and cheap access to finance puts the private credit sector in a position where it should continue to deliver strong returns.


Private Credit – Software Exposure and A.I. Risks

Blackstone Private Credit Fund / Private Capital Markets

Blackstone Private Credit Fund (BLPRCRS US)

<ul><li>We forecast returns to semi -liquid private credit funds of 8.11% p.a. (net) over a five -year period .</li><li>Despite tight credit spreads , forward looking returns are attractive due to high base rates and private credit funds having access cheap leverage.</li><li>Current credit conditions are benign with positive GDP and company earnings growth supporting a low default rate. However, visibility is poor whilst the medium -term impacts of A .I. disruption and increased trade tariffs remain unclear. </li></ul>

We forecast returns to semi -liquid private credit funds of 8.11% p.a. (net) over a five -year period .Despite tight credit spreads , forward looking returns are attractive due to high base rates and private credit funds having access cheap leverage.Current credit conditions are benign with positive GDP and company earnings growth supporting a low default rate. However, visibility is poor whilst the medium -term impacts of A .I. disruption and increased trade tariffs remain unclear.  

Cliffwater Corporate Lending Fund / Private Capital Markets

Cliffwater Corporate Lending Fund is a non-diversified, closed-end management investment company that operates as an interval fund. The Fund seeks capital preservation by investing in loans to companies. LEI: 549300H513RTF4I5T758

Cliffwater Corporate Lending Fund (CCLDX US)

<ul><li>Despite strong recent returns, investor sentiment is turning increasingly negative towards Private Credit.</li><li>Redemption requests are rising above funds’ stated liquidity limits, with varying responses taken by managers.</li><li>Funds with the highest redemptions have delivered above aver age performance so outflows don’t seem to be performance driven.</li><li>Over the medium term , redemption terms will likely tightened to better incentivise long -term holdings and protect all fund share holders.</li></ul>

Despite strong recent returns, investor sentiment is turning increasingly negative towards Private Credit.Redemption requests are rising above funds’ stated liquidity limits, with varying responses taken by managers.Funds with the highest redemptions have delivered above aver age performance so outflows don’t seem to be performance driven.Over the medium term , redemption terms will likely tightened to better incentivise long -term holdings and protect all fund share holders.

Private Credit – The Most Hated Asset Class?

Park Square Capital Credit Partners Evergreen / Private Capital Markets

Park Square Capital Credit Partners Evergreen (CPEF) is an open-ended private credit fund lending to sponsor-backed private companies in Europe and the US. It targets the large-cap segment, focusing on companies operating in defensive sectors, with the objective of delivering a low-loss, stable return profile. Legal Entity Identifier (LEI): 63670016MAIU9NL4NW91

Park Square Capital Credit Partners Evergreen (CPEFFUND US)

Park Square Capital Credit Partners Evergreen

<ul><li>Park Square Capital Credit Partners Evergreen (CPEF) is an open-ended private credit fund lending to sponsor-backed private companies in Europe and the US.</li><li>It targets the large-cap segment, focusing on companies operating in defensive sectors, with the objective of delivering a low-loss, stable return profile.</li><li>The fund invests in both directly originated private loans and liquid loans, which are traded, giving the fund a robust liquidity profile.</li></ul>

Park Square Capital Credit Partners Evergreen (CPEF) is an open-ended private credit fund lending to sponsor-backed private companies in Europe and the US.It targets the large-cap segment, focusing on companies operating in defensive sectors, with the objective of delivering a low-loss, stable return profile.The fund invests in both directly originated private loans and liquid loans, which are traded, giving the fund a robust liquidity profile.

Park Square Capital Credit Partners Evergreen (Summary Note | Q3 2025)

Thematic (Sector/Industry)

Top 20 Semi - Liquid Managers in TFR Database by AUM<ul><li>This list is dominated by specialist private markets managers .</li><li>The largest managers, with the exception of Cliffwater and Blue Owl, have strategies available in both US and European domiciled S -L fund vehicles.</li><li>The average inception date for semi liquid fund shows the longevity of the biggest managers. Partners Group launched their first Semi Liquid fund in 2003.</li></ul>

Top 20 Semi - Liquid Managers in TFR Database by AUMThis list is dominated by specialist private markets managers .The largest managers, with the exception of Cliffwater and Blue Owl, have strategies available in both US and European domiciled S -L fund vehicles.The average inception date for semi liquid fund shows the longevity of the biggest managers. Partners Group launched their first Semi Liquid fund in 2003.

Semi - Liquid AUM and Flows Review (Sector Research | Q1 2026)

The Fund Review provides data, research and analysis tools to help professional investors identify, analyse and monitor the opportunities in semi-liquid private market sector. Our research highlights the differentiating features of the funds under our coverage and provides insights into the key topics impacting investors in the sector.