Davidson Kempner Capital Management

And then later in our episode, NAV Finance Demystified and How Strategic Capital Is Shaping Private Equity with Dane Graham from Seventeen Capital, we explored how private credit managers are providing increasingly customized liquidity solutions and strategic capital to sponsors when traditional financing options may be less efficient or less available.

And then most recently, we had a conversation with Melanie Levine from Davidson Kempner, and the discussion centered around how experienced investors are navigating through market dislocations.

They're identifying relative value opportunities and deploying capital where that complexity or uncertainty really creates that attractive risk-adjusted return for investors to really jump on when that situation presents itself.

And through all of these conversations, we unpacked where attractive relative value opportunities lie and how managers create their edge, or they're differentiating themselves from others, and how investors think about liquidity and risk, and where we ca-- and where they can deploy private capital and provide solutions that more traditional sources of financing can't anymore.

So based on everything you've heard this year, what are you watching most closely as we move into twenty twenty-seven?

I'm certainly watching th- this continued evolution of private credit.

If there's one takeaway from our conversations this year, from the likes of Matt Harvey from PGIM, Dane Graham from Seventeen Capital, Melanie Levine from Davidson Kempner, they're all about how private credit is becoming more specialized, strategic, and increasingly important as a source of flexible capital.

I'm watching the liquidity solutions, secondaries, how those are going to play out, 'cause that's still relatively new for private credit, and also how continuation vehicles fit into the ecosystem.

Good for savers who might get more interest on their high-yield savings accounts, but it gives stock investors a reasonable alternative for some gains with very little risk.

A take from CNBC's Joe Kernan and Davidson Kempner's Tony Yoseloff.

If you take a step back and you take a historic view, rates are just higher.

They're not high.