Private credit · Podcast

It’s Not Just Public Versus Private Credit Anymore

For wealth professionals who use private credit, the discussion focuses on manager-level questions such as illiquidity, covenants, team structure and portfolio construction rather than a simple public-versus-private credit label.

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Summary

By the private credit desk

Julie Segal speaks with Matt Harvey, head of direct lending at PGIM Private Capital, about how he evaluates opportunities as more companies tap both public and private credit markets. Harvey discusses treating illiquidity as a hurdle rate, integrating PGIM's private and public credit teams, and using covenants to manage risk after a loan is made. The episode also covers AI-driven concentration risk and how these shifts are changing credit portfolio construction.

Harvey views illiquidity as a hurdle rate rather than simply a premium.
PGIM integrated its private and public credit teams.
Demanding covenants, often misunderstood, allow lenders to actively manage risk after a loan is made.
The discussion covers AI-driven concentration risk and Harvey's view that private credit deals can provide more information than public ones.

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