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April 16, 2026
Cadwalader partner Shai Schmidt was featured in FundFire’s article, “New Debt Secondaries Platform Debuts in Sector Making a ‘Step Change,’” which examines Sycamore Tree Capital Partners’ launch of a secondaries strategy and the growing opportunity in private credit secondaries.
Shai said, “This may also crystalize losses for private credit funds, which generally don't need to mark their loans to market,” adding that those losses can create more distress and force sales later on.
He also explained that the current market could be a fruitful target for secondaries players because distress may increase the need for liquidity and make the case for a busier secondaries market.
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