Higher rates and lower stock prices are a disaster for private credit and private equity firms. The latter will claim they can find “bargains” to buy but they will have to pay more to finance them while sitting on out-of-the-money inventory. Why institutions already hung with illiquid fund investments would want more of this stuff if a question only they can answer when they can just as easily find “bargains” In public markets that they don’t have to borrow money to buy. I see another leg down in PE stocks which are still overvalued.