Georg Wunderlin of Schroder's Capital believes the market is failing to differentiate between liquidity stress in semi-liquid vehicles and actual impairments of underlying assets in private credit.

Approximately 99% of businesses in the United States are not publicly listed.

Approximately 80% of the U.S. workforce is employed by non-listed companies.

Georg Wunderlin attributes current issues in the private credit industry to firms growing too quickly, selling products with too little diversification, and a lack of underwriting discipline before th...