Trending
Prev Story
Next Story

Private credit’s illiquidity can’t be engineered away

The Australian Financial Review (AFR) •
November 14, 2026 • 10:00 PM
4
4 reads 0 reactions

The illiquidity premium only works if you’re willing to wait – and no amount of alchemy can change the nature of the loans underneath.

Private credit’s illiquidity can’t be engineered away

For centuries, alchemists searched for a way to turn lead into gold. Their ambition was to take one material, apply the right process and emerge with something fundamentally different.

Modern finance has achieved transformations those alchemists wouldn’t have dared to imagine. But there are still limits to the magic. An illiquid asset cannot be turned into a liquid one simply by changing the structure around it.

Gift articles to anyone you choose each month when you subscribe.

Prev Swipe Story Next

Related Stories

Business & Economy
Build #2612