On January 4th, 2023 Term Sheet, a well-known financial newsletter by Fortune (typically regarding PE/VC) posted a series of predictions regarding the calendar year 2023.

One of these predictions was the following:

“Public debt returns are going to pale in comparison to private debt as new issuance volume will remain depressed for several years until rates are no longer this elevated. As a result, it’s likely that we will see a resurgence of private debt, similar to what happened post global financial crisis, and one needs only to look at what Blackstone, KKR, and other large institutional asset allocators are doing to see where the opportunity lies in the coming year and beyond.” —Nelson Chu, founder and CEO, Percent

I will not attempt to initially define all resolution criteria in this market and will instead attempt to handle any nuances/complications/data feasibility as it arises. If by end of 2023 I think it is not possible to confidently resolve this market in the spirit in which it was intended, I reserve the right to resolve as "n/a".

Any clarifications to the resolution criteria will be listed below, along with the applicable date:

• [TBU]