Gross private credit returns/appreciation by manager*
The top seven US-listed alt managers with credit strategies—including TPG, as its acquisition of Angelo Gordon (AG) closed on November 2, 2023—posted median Q4 and 2023 returns of 4.0% and 16.4%, respectively, which compares favorably to the 9.8% PE gross returns referenced above. Not all of these private credit strategies may be comparable, with some taking on more risk and leverage than others, but their recent ability to generate equity-like returns with significantly lower volatility has validated the headlong push these managers have made to gain full exposure to the asset class.