“Late cycle financial innovation: Are private credit funds the new MBS CDOs?” by @csissoko syntheticassets.wordpress.com/

// This is a challenging piece, but the basic idea is that private equity funds are foreseeably at risk, like housing was in the mid aughts. That inspired “innovations” to sell off future losses to less sophisticated bagholders. @csissoko considers techniques PE fund managers might use to pass off or share future losses with other parties.