It’s too easy for managers to earn performance bonuses now that interest rates have risen. : (Bloomberg Opinion) -- The $1.6 trillion private credit market is enjoying a “golden moment,” in the words of one Blackstone Inc. executive, as banks retreat from risky lending and investors flock to funds offering double-digit returns on corporate loans. But those jumping on the bandwagon shouldn’t forget private credit fees are very lucrative too. As this asset class goes mainstream and mints billionaires, investors — aka limited partners — should insist on lower costs, and oppose incentives that can reward managers for little effort.