Rockefeller Endowment CIO Paula Volent said she is taking advantage of a booming private credit market to sell some of the endowment’s investments in the asset class.
Speaking on December 10 at Bloomberg’s “Women, Money & Power” conference in London, Volent said her $2.5B endowment is in the process of making a secondary sale on some of its private credit funds, noting they are “getting good value.”
Interest in the space is high and rising, driving valuations. Speaking at the same event, Guggenheim Partners Investment Management CEO Anne Walsh noted it’s a market that could well double to $4T in the foreseeable future, especially with new vehicles coming to market providing retail investors with exposure to the asset class.
“I think one of the elements that would potentially drive that [doubling] is a way for retail investors to somehow move into private credit which right now that’s really not happening, it’s at the very beginning in some cases, but that would also drive that development” and lead to further “democratization of private capital,” she said.
Walsh’s comments came on the same day that Nuveen announced it is launching two new CLO ETF strategies, making it the third firm with a CLO-backed private credit ETF to hit the market in less than a week, following last week’s fund launches by BondBloxx and Virtus Investment Partners.
