More frequently marking assets does little to improve transparency or accuracy in the $1.8 trillion private credit market, according to Pacific Investment Management Co. strategist Lotfi Karoui.

“Attempts to increase liquidity — the ability to buy or sell an asset quickly, in size, and at prices reflecting fundamental values — are welcome developments,” Karoui wrote Monday in a note to clients. “Yet until these efforts address the market’s inherent structural constraints, including a lack of true price discovery, they will only increase the perception of liquidity without truly improving liquidity.”