Market
Memos From Howard Marks: What’s Going on in Private Credit?
Essentials / General
What SpaceX Illustrates About Private Markets
Three takeaways with regard to access, patience and discipline, as companies may want to increase their scale further before they go public.
What can SpaceX illustrate about the future of private markets? As companies stay private for longer, investors have greater opportunities to participate in value creation before an IPO. But access alone isn't enough. Long-term success depends on disciplined underwriting, patient capital and experienced managers.
