News & Press
The latest from Sekond and the alternatives industry.
Levers of Liquidity: Sekond's Q1 Benchmark and Management Toolbox
Sekond releases its Q1 liquidity runway update and a practical framework to help advisors understand how managers actively manage liquidity beyond the gate.
WSJ Feature: Even More Investors Want Out of Private Credit
Sekond founder, Rasmus Goksor, was featured in the Wall Street Journal's recent piece on the growing trend of investors seeking withdrawals from private credit investments.
Sekond Launches Free Liquidity Monitoring Tool for Wealth Advisors as Redemption Restrictions Increase Across Private Credit Funds
New Solution Gives Advisors Clearer Visibility Into When Clients May be Able to Access Their Money
Latest Articles
Blue Owl Redemptions Persist as Goldman Pressure Eases
The divergence within private credit funds continues as some funds face persistent redemption pressure, while others report undersubscribed tender offers. At one extreme, Blue Owl’s Technology Income
Private Credit Redemption Pressure Persists in 2Q
Redemption pressure remained elevated across several large non-traded BDCs this week, with Ares Strategic Income Fundhttps://sekond.co/communityfund=ares-strategic-income-fund receiving requests for 1
Apollo Oversubscribed, Brookfield Announces Incentive Program
This week’s filings remained mixed in terms of redemption pressure. Apollo Debt Solutions BDC
Liquidity Roundup: HPS and Monroe Face Continued Pressure
This week's filings continue to illustrate the bifurcation between funds showing strong liquidity dynamics and those facing meaningful redemption pressure. Fidelity Private Credit Fund and StepStone P
Liquidity Roundup: BCRED, ADREF face redemption pressure
Redemption pressure across Evergreen funds remained broad-based this week, with the largest fund Blackstone Private Credit BCRED receiving requests for 10% of shares outstanding in Q2, and fulfilling
Private credit funds are gating. Here's which ones have runway — and which ones don't.
Sekond published the first benchmark for liquidity runway — how long each fund can sustain redemptions at full gate utilization before available liquidity runs out.
Franklin Lexington, Partners meet 100% requests
This week, we’re seeing mixed redemption signals across private markets, from funds meeting requests in full to fee waivers and new note issuances following elevated redemption activity.
Bain Capital, Ares expand credit facilities
Non-traded BDCs are reinforcing their balance sheets, with a broader wave of liquidity management activity seen across the space in recent weeks. BREIT stands apart — reporting strong Q1 results with 3 consecutive months of net inflows and active capital deployment.
Blue Owl Liquidity Buffer, Golub Oversubscribed
Private Credit funds remain under redemption stress, but the news this week has shown that liquidity is being managed rather than breaking down. Some managers are proactively reinforcing balance sheet
Sekond launches Redemption Tracker — the first real-time view of private credit and private equity evergreen fund redemption activity
For the first time, fund sponsors and wealth advisors can see how redemption pressure is building across the $500 billion evergreen fund market — closing an information gap that has left investors reacting to liquidity cycles rather than anticipating them.
Other Fees & The Overlooked Layers
Management and performance fees get the attention, but administrative costs, leverage expenses, layered fund-of-fund charges, and subscription and redemption fees can add up quietly — and in a perpetual structure, that drag compounds indefinitely.
Performance Fees and Incentives Tied to Returns
Performance fees in evergreen funds go well beyond a simple profit share — the absence of a fixed end date complicates every mechanism underneath, from waterfall structures and hurdle rates to whether managers are getting paid on gains that haven't actually been realized yet.
Management Fees and Keeping the Lights On
A closer look at management fees in evergreen funds — how gross versus net asset calculations, leverage, and rate structures turn a simple percentage into a more complex cost driver than it first appears.
Evergreen Funds 101: A Flexible Structure
Antiquity's Scott Siemens and Michael Aronstein cut through a common misconception: evergreen funds aren't a retail product or a strategy, but an open-ended structural shell that prioritizes business performance over predetermined exit schedules.
The DOL's 401(k) Proposal and the Case for Better Disclosure
InvestmentNews covered the proposal this week, including remarks from Sekond CEO Rasmus Goksor:
Understanding Fees: Beyond the Headlines and into the Footnotes
A practical checklist for cutting through fee complexity in evergreen funds, covering everything from management fee basis and hurdle rates to clawbacks, leverage costs, and the compounding drag of expenses in perpetual structures.
Sekond Announces Ratings for Democratized Alternative Investing
Launch of “Sekond Ratings” by Private Market Tech Veterans Accelerates Liquidity, Provides Penetrating Insights for Wealth Advisors and Investors