Stock price when the opinion was issued
Exposure to private credit managers and private equity managers. Focus is on income generation. Credit risks are still there, but the public market volatility risks associated with interest rates are not. Likes them, but you need a diversified approach to private markets.
Bottom line is it doesn't work. You can't earn the illiquidity premium you're earning in the private markets, yet still have the liquidity of public markets if you want to sell and get your money back the next day.
They give exposure to public market companies that play in private equity and private credit, not pure exposure to private credit. This is volatile. An ETF can't provide this exposure or liquidiity