KKR & Co. co‑chief executive Scott Nuttall told investors that the firm is moving toward a secondary market for private credit. He said trading these illiquid loans is “likely to happen,” echoing steps taken earlier by Apollo Global Management to launch a platform for less‑liquid debt. The comment signals a shift in how large alternative managers view liquidity and promises clearer pricing for issuers and investors alike.

For investors, a tradable private‑credit market could unlock valuation transparency and provide a new asset class for portfolio rebalancing. KKR, with its deep lender base, would be positioned to supply both supply and demand, potentially narrowing spreads that have risen as investors chase yield. Market participants will watch pricing mechanisms, regulatory guidance, and could set a benchmark for pricing standards closely.

If KKR launches a trading venue, it could spur other firms to follow, accelerating the creation of a broader secondary market. Such development may compress illiquidity premiums and attract institutional capital that currently avoids private‑credit exposure. The move underscores a growing appetite for liquidity solutions in a sector that has expanded rapidly over the past decade.