P2P lending is obviously a fixed income product, but it doesn’t share the same characteristics as a traditional family office fixed income portfolio, which is typically comprised of government treasuries and tax-free municipal bonds. P2P yields are much higher, the asset class is not liquid, the borrowers are vastly different, durations are shorter, and there is no independent ratings system like a traditional public bond. P2P is an awkward fit for the fixed income portfolio, it should probably be allocated to another bucket.

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