The Bridge Ep. 27: Private Credit's Moment of Truth

In Episode 27 of The Bridge, Sonali Basak speaks with Brendan McGovern, head of private credit at 26North, about private credit's growth and the tests ahead. The discussion covers the approaching wave of loan maturities, underwriting discipline and how managers can differentiate themselves in a tougher market. It also looks beyond direct lending to asset-backed finance, restructurings in the next phase of the credit cycle and the illiquid nature of private assets.

1. Private credit has become one of the fastest-growing areas of alternative investing, but its biggest test may still lie ahead.
2. The discussion covers the approaching wave of loan maturities and why underwriting discipline matters more than ever.
3. It explores opportunities beyond direct lending, including asset-backed finance and restructurings in the next phase of the credit cycle.
4. The episode discusses downside protection, patient capital and investors embracing the illiquid nature of private assets.