Illiquidity premia in private debt

In the first quarter of 2026, the illiquidity premia delivered by investment-grade private debt remained above their long-term average levels. This is against the backdrop of macroeconomic and geopolitical uncertainty caused by the Middle East conflict. In this latest edition of our series on the illiquidity premia, we assess the key themes driving private-debt pricing and market opportunities. Read this article to understand: • How the current macro environment is reflected in private market illiquidity premia across debt asset classes • What has been driving debt activity and demand...