The Renovo situaton is what keeps me up at night about private credit transparency. Going from par to zero in weeks isn't just a valuation miss, its a complete failure of risk monitoring. That 14-point spread on Medallia between Apollo and KKR shows how much room lenders have to manufacture their own reality until the music stops.
The Renovo situaton is what keeps me up at night about private credit transparency. Going from par to zero in weeks isn't just a valuation miss, its a complete failure of risk monitoring. That 14-point spread on Medallia between Apollo and KKR shows how much room lenders have to manufacture their own reality until the music stops.
Agreed.