The attractiveness of private credit is under scrutiny as investors weigh its benefits against a 4% expense ratio. Despite offering a 9% yield, the total return is reportedly closer to 4%, lagging behind other investment options like multi-sector bond funds, bank loans, and junk bonds, which are available at lower costs. Financial analyst David Cohne has raised questions about the viability of this asset class, particularly concerning interval funds that provide access to private credit.