Private Credit Benchmarks: A User's Guide

In response to the proliferation of new private credit strategies and managers, a new set of benchmarks was developed to help limited partners assess the performance of new and existing fund managers (general partners or GPs). By focusing on the underlying risks assumed by a credit manager, the subordinated capital and broad credit opportunities benchmarks will assist limited partners in better evaluating risk-adjusted performance and identifying the most talented managers. The roster of funds within these benchmarks will grow as returns season, GPs launch new funds, and new GPs elect to report into the benchmarks.