Credit Enters Snapcount, Part 3

Private credit just had its Bear Stearns Funds moment and nobody is paying attention... yet

As mentioned in this morning’s chat thread opener, the world of private credit just had its April 2007 Bear Stearns funds moment, and has officially entered Snapcount which we laid out a month ago here in describing exactly how contagion would spread due to the divergence between public and private vehicles which own very similar assets. If you missed it, you really should read this link first — this playbook is unfolding almost exactly as described, and a major asset manager’s attempt to address their problem has actually made the broader situation far worse.