Current Proxy Read
Proxy watch
49stress score
This score uses public-market stress proxies to highlight moments when private-market liquidity deserves closer review.
Private Markets Research Terminal
Private Markets Liquidity
A deeper read on private-credit and private-market stress using hard data, public proxies, and news-event signals.
Live Proxy Instruments
What the public market can see now.
BDC BasketWatchWeakness proxy
Alt ManagersNormalPrivate markets
Regional BanksStableFunding proxy
Signal Stack
Separate hard data, proxies, and news signals.
Hard DataPartial
- High-yield spreads
- Financial conditions
- Regional bank pressure
Reliable market data that frames private-market pressure from the public side.
Proxy DataLive
- BDC basket
- Alternative managers
- Regional banks
Public market proxies that can move before private marks update.
News SignalManual
- Secondary stake sales
- Redemption caps
- NAV markdowns
Each sale gets context: routine rotation, liquidity need, or stress signal.
PlannedNext
- CLO proxy
- Fund flow tracker
- Secondaries discount tracker
Useful signals enter the live layer after source quality is confirmed.
Stress Checklist
What would make this worse?
- Large secondary sales appear repeatedly across major managers.
- Withdrawal requests rise while funds cap redemptions.
- BDC prices weaken while credit spreads widen.
- Regional banks weaken at the same time as private-market managers.
- CLO or leveraged-loan proxies start confirming stress.
Relief Checklist
What would calm this down?
- Secondary sales clear at healthy discounts.
- BDC and alternative-manager baskets stabilize.
- High-yield spreads stay calm.
- Regional banks confirm calmer funding conditions.
- Managers report normal redemption activity and stable NAV marks.
Source Ledger