Andy Darroch

things that were marketed perhaps to investors as being a lot more liquid than they actually are in reality and with all these kinds of things in good times it's a lot easier to sell but when the opinions change when you know the mood around the asset class changes

suddenly liquidity or i.e.

buyers completely dry up.

And then it becomes a discussion, well, you've got two choices.

You can either ride it out and you can hold those assets, or you may have some enterprising person who's willing to buy your share off, but for less than you might want.

So we've seen reports of people taking or people offering, say, 20%, 30% discounts to what XYZ's fund might be worth

you know, on their balance sheet, but they say, look, I'll give you $70 for $100 of your share kind of thing.

Yeah, definitely.

So with Blue Owl, those were two quite public affiliated investors in them.

But broadly speaking, a lot of super funds have exposure to private credit.

And I would say a lot of the boutique

manager, wealth managers in Australia have pretty for a long time been big fans of it.

The Future Fund is one of the larger investors in private credit.

When you look at their last financial year reports, they've collectively got

$10 billion.

And again, they're an investor that you would argue is very well suited to it.

They don't need to withdraw their funds and they've got a long-term horizon and they've got a lot of smart people who read the fine print and get the best deal.

Other super funds as well.

So NGS is one that has exposure to Blue Hour.

There was reports from APRA data basically listing which funds have higher exposures.