Snapshots of Benchmarking Private Credit for Portfolio Allocators: A Public Market Equivalent Approach

Quickly apply original, key PMR-published papers with Snapshots—a short article companion that distills PMR research into compressed, digestible takeaways, so you can put the paper’s core ideas to work in your investment process—fast. This Snapshot article is based on research proposing a cash flow–matched benchmark to determine whether private credit outperforms liquid public alternatives; after matching contributions, distributions, and residual value, sampled vintages generally outperform, with smaller gains after leverage and NAV adjustments.