The Ecosystem Beyond the Heavyweights
This is not just about the big three. There is an entire ecosystem of business development companies and closed-end funds that lend to mid-sized businesses. They never promised daily redemption from an illiquid pool, because they were built for public exchanges from day one.
But let us be completely honest about reality.
Liquidity does not magically erase risk.
Being able to sell an asset quickly is vastly different from selling it at a profit. Publicly traded alternatives are entirely exposed to the brutal whims of the market. Asset managers are cyclical beasts. If the broader market plummets, their fee revenues and share prices could easily plunge with them. You can, and very well might, lose money. Dividend yields are never guaranteed.