Why illiquidity is a feature, not a bug, in private credit

This week, we’re joined by Brandon Grimm, Partner and Chief Investment Officer at Gilbert & Cook, an independent RIA providing wealth management, financial planning, and family office services to high-net-worth individuals and families. Brandon oversees the firm’s investment strategies across traditional and alternative assets – including private equity, private credit, and real estate – ensuring every decision is grounded in rigorous analysis and aligned with the firm’s mission of helping clients live their life of abundance.

In this episode, Brandon unpacks misconceptions around private credit – especially liquidity – arguing illiquidity is a feature, not a flaw, that enables better deal sourcing and yields premium. He and Randy also explore valuation differences across managers, why disciplined underwriting matters more than default rates, and AI’s growing role in due diligence. Brandon closes by naming fiscal stability as his top long-term concern and sharing his advice for young professionals entering the industry.