Getting a fairness or valuation opinion on a private equity GP-led secondaries transaction is a straightforward, albeit costly task. In credit secondaries, however, the rule change creates a cumbersome burden.

Private credit has received plenty of acclaim as a well-positioned asset class for the times, but investors are not entirely void of concerns.

The dissenters in the 3-2 vote, Uyeda and Peirce, seemed to welcome a court challenge. But for several days that prospect hung in the air.