
Liquid Complements to Private Credit: A Three-part Series (Part 3)
Part 3: Mitigating the Cost of Private Credit’s Illiquidity The Role of HY CDX as a Private Credit Proxy Key Takeaways from Parts

Part 3: Mitigating the Cost of Private Credit’s Illiquidity The Role of HY CDX as a Private Credit Proxy Key Takeaways from Parts

The results of the March FOMC meeting were mostly as expected. The policy rate was left unchanged by an 11-1 vote with the lone dissent from Governor Miran. The

Core CPI increased at an annualized rate of 2.62% in February, in line with consensus expectations and nearly a full percentage point below January’s
as an institutional asset manager
under management
employees
$298 billion in physical assets + $172 billion in derivatives notional value as of 12/31/2025.
David G. Eichhorn, CFA
Chief Executive Officer and Head of Investment Strategies
NISA was named a 2025 Best Asset Manager for Institutional Investors in the United States by Crisil Coalition Greenwich, part of Crisil Ltd., a company of S&P Global, recognizing asset managers who stand out by delivering exceptional client service and helping institutional investors achieve their goals.
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