September 6, 2022
Founder & CEO Jess Larsen spoke with 9Fin for its 9Questions series. They spoke about recent trends in the private credit landscape, launching Briarcliffe last year, what's ahead for Briarcliffe and the market, and his favorite travels.
One question addressed the growing private credit space, asking "How [does a GP] distinguish itself from other market participants?" Jess responded:
"There are nearly 2,000 private credit GPs globally, and at any given time, more than 600 are in the market seeking capital. LPs are often receiving upwards of 500, 600, 700 calls a year as it relates to private credit.
"Understanding how managers are distinguished from one another is not an easy task. Having met with more than 350 private credit GPs to date allows Briarcliffe to produce a market mapping of who is in the market raising capital and, critically, how they are differentiated from each other. Having this knowledge allows us to formulate our clients’ (the GPs) positioning, as well as guide and advise our LPs more concisely on those differentiations.
"With such a deep exposure in the private credit universe, we can attest to the challenges in finding managers with truly uncorrelated strategies, offering an edge that allows them to produce repeatable results. That is why we have chosen to represent fewer than 3% of the managers we have met so far."
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