Dear Valued Member of the Moonfare Network,
Welcome to this month's Satellite.
If you follow private markets closely, you’ll have noticed that private credit has been attracting a lot of attention recently. Much of it, we'd argue, lacks context.
This gap between perception and reality is worth closing. Our Head of PE Investments Philip Meschke and Chief Economist Mike O'Sullivan lay out where the pressure is coming from, why it remains contained and where the opportunities lie for patient capital.
We also revisit one of the most enduring assumptions in portfolio construction: whether the classic 60/40 split still holds up in today's macro environment. Is it time to rethink the foundations, with private markets now in the mix? Find out in our latest research.
Happy reading!
Your Moonfare team

The 60/40 portfolio was engineered for a macro environment that has since changed. As correlations, valuations and market structures have shifted, so too must allocation frameworks.
We believe a 50/30/20 allocation — equities for growth, bonds for income, alternatives for correlation-adjusted alpha — may offer a more resilient foundation.



