At a recent hedge fund conference, which our team attended primarily to meet new managers, we also spoke with institutional allocators. We were surprised to hear both groups express a common concern: the potential “unwinding” of illiquid assets, particularly private credit.

While “unwind” is an imprecise term—implying anything from gradual...

A hybrid approach - one that blends the strengths of open transparency, reduced restrictions on trading talent, better liquidity for investors, and diversified allocation methods –may provide investors with a better solution