The Clearing Price | GIC’s US$2 Billion Sale & the Bid Beneath Private Credit’s Marks

GIC is finalising the sale of up to US$2bn of private credit fund stakes through Evercore. The private credit secondaries market nearly doubled to ~US$20bn in 2025 from US$10.9bn in 2024. It is becoming the release valve an asset class built on hold-to-maturity insisted it would never need. Healthy books change hands near 92% of NAV; stressed paper is bid at 20–35% discounts. The dispersion is the information.

#PrivateCredit, #Secondaries, #GIC, #SovereignWealth, #PriceDiscovery, #NAV, #BDC, #BlueOwl, #SabaCapital, #ContinuationVehicles, #DirectLending, #Evercore, #CreditCycle, #MarkToMarket, #Liquidity, #Allocators, #PunjabCapitalResearch, #CapitalInsights, #FundamentalsThroughTheNoise