IS PRIVATE CREDIT IN A BUBBLE?

The panel discusses the state of private credit, debating whether it's in a bubble. Joseph Cass introduces the topic and panelists. David Golub emphasizes the difficulty in defining private credit, highlighting different niches and agreement on elevated credit stress. David Mandler points out the growth of private credit is fueled by an increase in the number of verticals. Bob O'Leary draws parallels between the current AI-driven economy and the dot-com bust, suggesting a potential economic wobble. Anne Walsh focuses on macroeconomic viewpoints, differentiating between cyclical and structural risks, and sees tailwinds for investment. Benjamin Fanger shares insights from private credit in China, emphasizing social impact and solution-providing. Panelists agree that private credit requires a nuanced approach and that certain segments may be bubbly, but overall, the market is not.