Unlike liquid leveraged loans, private debt is not frequently traded (although there are signs that this might be changing) and thus can be hard to value.

But the funds that hold those private loans still have to find a way to value their books. How do they make their marks?

In this episode of our Cloud 9fin podcast, deputy editor Bill Weisbrod sits down with Brian Garfield, a managing director in Lincoln International’s valuations and opinions practice, who helps private credit funds value their holdings in illiquid debt instruments.

What’s the process for valuing an illiquid private loan? How are rising rates impacting private credit borrowers? And what does the rest of the year hold for asset performance?