Private Credit: Navigating the evolving landscape; assessing risks and opportunities in an era of rapid growth and changing market dynamics.
Private credit has risen from obscurity within the private equity financing world to an asset class greater than $2T in just over a decade.
In this episode, we examine the conditions (M&A, debankification, regulation, staying private longer) that accelerated after the GFC and created a torrent of issuance and demand for private credit across direct lending, asset-backed credit, structured credit, and innovative special situations.
More importantly, we debate whether we’ve come a little too far, too fast, and if some rationalization and refining is needed before this exciting space continues its upward trajectory.
Chartered Alternative Investment Analyst Association
CAIA Association is a global network of forward-thinking investment professionals, redefining the future of capital allocation in a world where traditional and alternative investments are converging at an unprecedented pace. United by a commitment to improving investment outcomes, we lead with authority, educate to inspire, and connect people who turn insight into action. CAIA Association creates dynamic and captivating learning experiences designed to engage investment professionals at every level. Its programs – the CAIA Charter and the CAIA.nxt™ platform – offer critical levels of access to a comprehensive curriculum that equips the investment community with the skills and knowledge needed to build modern portfolios. CAIA Association is a global member-driven community of more than 14,000 professionals, united by a shared commitment to improving investment outcomes and building a more aligned, principled capital market system.
President and Chief Executive Officer, The TCW Group, Inc.
Ms. Koch is President and Chief Executive Officer of TCW and serves as a member of the Board of Directors. In this role, she is responsible for the strategic direction and overall day-to-day management of the Firm. Prior to joining TCW in 2023, Ms. Koch spent 20 years with Goldman Sachs in the Asset Management Division (AMD), where she was a Partner and most recently served as Chief Investment Officer of the $300 billion Public Equity business and as a member of the AMD executive committee. Previously, she was based in London for 10 years where she held several leadership roles, including Head of the Multi-Asset Solutions business internationally. Ms. Koch currently serves as a board member for Nasdaq Inc., the University of Notre Dame’s Board of Trustees, The Investment Fund for Foundations (TIFF), The Investment Company Institute (ICI), the Toigo Foundation, and The Spence School. She also serves as a Co-Chair of the University of Notre Dame Wall Street Leadership Committee and as a member of the advisory board of the Notre Dame Institute for Global Investing (NDIGI). Ms. Koch was named a Young Global Leader with the World Economic Forum. Ms. Koch earned her Bachelor of Arts degree in Economics and Literature at the University of Notre Dame.
Director, Co-President of Ares
Mr. deVeer is a Director, Partner, and Co-President of Ares Management Corporation. He is a Co-Chair of the Ares Operating Committee. He also serves as a Director and Executive Vice President of Ares Capital Corporation and previously served as Chief Executive Officer of Ares Capital Corporation from July 2014 to April 2025. Mr. deVeer is a member of a number of Ares Investment Committees, including for the Ares U.S. Direct Lending, European Direct Lending, Pathfinder, and Insurance Solutions strategies. He may from time to time serve as an officer, director, or principal of other entities affiliated with Ares Management or investment funds managed by Ares Management and its affiliates. Previously, Mr. deVeer served as Head of the Ares Credit Group until 2025. Prior to joining Ares in 2004, Mr. deVeer was a partner at RBC Capital Partners, a division of Royal Bank of Canada, which led the firm's middle market financing and principal investment business. Mr. deVeer joined RBC in October 2001 from Indosuez Capital, where he was a Vice President in the Merchant Banking Group. Mr. deVeer began his career at J.P. Morgan & Co., working in both the Special Investment Group of J.P. Morgan Investment Management, Inc. and, prior to that, in the Investment Banking Division of J.P. Morgan Securities Inc. Mr. deVeer received a B.A. from Yale University and an M.B.A. from Stanford University's Graduate School of Business.
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