Blackstone Secured Lending Fund (BXSL)

When he talks about private markets, he means stuff that isn't listed on an exchange. One of the biggest differences is the ability to trade it every day. There are private credit funds, like this one, that trade publicly but are subject to the manic moods of the intraday. Yet the valuation of the underlying portfolio doesn't change that much.

So what he means is the ability to earn the illiquidity premium by going into private markets, where you can't trade it every day. You can only trade once a month, quarter, or year. The volatility in your portfolio is a lot better. You give up liquidity, but you gain in extra yield via the premium.

A great vehicle, but not what he means by private markets.