PJT Partners Inc. Chief Executive Officer Paul Taubman said the private credit market’s issues are a “public relations” challenge as investors started to fully realize that many of the products weren’t fully liquid.

“Retail clearly is going to stop fueling the growth in AUM for private credit,” Taubman said Monday in a Bloomberg Television interview at the Milken Institute Global Conference in Beverly Hills. “There’s an increasing realization it’s an institutional product, not a retail product.”