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Vance Spencer comments on the role of sponsors in portfolio management. According to Spencer, the sponsor has the authority to mark the net asset value (NAV) of the portfolio and is afforded wide discretion, similar to the approach in a venture fund.
Spencer expresses skepticism about the likelihood of a particular scenario coming to pass, stating, 'Not gonna happen!'.
Spencer has previously discussed liquidity pressures facing private credit funds, noting that confidence loss can trigger redemption cycles and runs in times of crisis, according to a recent report. He has also observed that gold is trading at a discount in the Middle East while Bitcoin is attracting increased attention, as highlighted in another commentary. These prior remarks reflect Spencer's ongoing focus on changing asset preferences and fund management practices.