Based on the search results, here are some common justifications that private debt managers give for withholding information from investors:
- Confidentiality: Private debt managers may cite confidentiality as a reason for withholding information related to the borrower issuing the private placement debt 1 2 .
- Competitive advantage: Private debt managers may withhold information related to their investment strategy or portfolio holdings to maintain a competitive advantage in the market 3 .
- Asymmetry of information: Private debt managers may withhold information due to the asymmetry of information between investors and managers, which can make it difficult for managers to disclose all relevant information to investors 4 .
- Complexity: Private debt investments can be complex, which can make it difficult for managers to provide complete and accurate information to investors 1 5 .
In summary, private debt managers may justify withholding information from investors by citing confidentiality, competitive advantage, asymmetry of information, complexity, and lack of available data. Family offices should conduct thorough due diligence, ask specific questions, and collaborate with other family offices to ensure that private debt managers are transparent about their investment strategies and activities.