Evidence for the Atlas Approach
Private Credit
Alternative Investment Reality Check Series – The Black Box of Private Credit (Frier – March 2025)
In this video, our CIO Ken Frier discusses critical risks of private credit. For individual investors, private credit’s appeal may not outweigh its challenges–success demands specialized expertise and access.
Risk-Adjusting the Returns to Private Debt Funds (Erel, Flanagan, Weisbach – March 2024)
Risk‑adjusted analysis shows private credit delivers no systematic alpha after fees and risk.
The Last Mile: Financial Vulnerabilities and Risks Authors (International Monetary Fund – April 2024)
Rapid expansion and opaque markets mean private credit may hide systemic risks – from hidden leverage to liquidity shocks.