The recently published paper “Residual Risk: Benchmarking the Boom in Private Credit” by Hooke, Hu, and Imerman (HHI), which was featured by Bloomberg as a “Mark to Myth” study, found that private credit funds performed no better than public credit, and with higher risk due to uncertain pricing of loan principal near the end of fund life. Unfortunately, according to Cliffwater, “it is remarkably flawed in methodology, and its conclusions are erroneous.”