The quarterly investor letter is designed to keep you informed with regular updates on the MA Financial Global Credit Solutions (GCS) fund suite, along with insights into key themes shaping the private credit landscape.
Investor letter
"It isn't the most talented team that wins. It's the team with the best process."
Drawing on lessons from the recent FIFA World Cup, in our latest quarterly private credit investor letter, Head of Global Credit Solutions Frank Danieli explores why this same principle applies to private credit investing.
Frank explains why successful investment outcomes in credit aren’t driven by star loan pickers identifying winners, but by the discipline and consistency of the investment process, from rigorous underwriting and thoughtful structuring to portfolio construction, ongoing monitoring and disciplined risk management.
Private credit has been everywhere in the first quarter of 2026, but what do we actually mean by “private credit”?
We challenge the increasingly narrow use of the term. While synonymous globally with sponsor-backed direct lending, private credit is far broader, spanning any lending outside bank balance sheets and public bond markets across a wide spectrum of strategies.
At MA Asset Management, our definition is simple: a defensive, fixed income replacement that generates a premium income return while preserving capital, pursued across the breadth of private lending, not a single corner of it.
