FWD CIO voices worries on private debt

Having drawn considerable interest from yield-starved institutional investors in recent years, spurring meaty capital inflows but progressively lower income returns too, the private debt market could be close to peaking. So thinks Paul Carrett, group chief investment officer of FWD, the insurance business of Hong Kong-based Pacific Century Group, who says it's time to turn more cautious on private credit or at least parts of the market. “We certainly feel we are in the late stag…