Private credit Sharpe ratio? Let's talk reality.
Blackrock's TCPC since inception through July: 4.01% cumulative total return. That's 0.28% annualized.
Meanwhile, rolling 90-day T-Bills delivered over 4% annualized. Risk-free.
Oh, and TCPC's stock price? Down 77.4% over the same period.
This is the asset class people are piling into at record pace. Illiquid, marked generously, underperforming cash. But sure, tell me again about those attractive risk-adjusted returns.
Blackrock's TCPC since inception through July: 4.01% cumulative total return. That's 0.28% annualized.
Meanwhile, rolling 90-day T-Bills delivered over 4% annualized. Risk-free.
Oh, and TCPC's stock price? Down 77.4% over the same period.
This is the asset class people are piling into at record pace. Illiquid, marked generously, underperforming cash. But sure, tell me again about those attractive risk-adjusted returns.