I always laugh and I tell my investors, people that show you the same decks that say

wall of maturities. It's never happened in the history of finance. People say, oh my God, I forgot,

I have a maturity. Good companies finance those ahead of time. It's only the bad ones that can't refinance

themselves and people figure that out. They talk about fraud in China. They talk about debt to GDP.

I call it the boogeyman slides. They're saying, world's going to end. I have capital.

I'm Ted Seidies, and this is Capital Allocators. My guest on today's show is David Lyon,

managing director and head of capital solutions at Newberger-Berman, where he oversees $10 billion of assets and deploys $2-3 billion each

year, originating large-scale financing solutions to premier sponsor-backed companies.

Over three decades, David was the first arbitrage analyst at

Oxif in the mid-1990s, an associate at one of the then-largest private equity firms in the late

1990s, and a fundamental distressed debt investor at Quant Hedge Fund D.E. Shaw through the

global financial crisis. His experiences offer a deep understanding

of both sides of the balance sheet, which he brought together in hybrid capital solutions

over the last decade. Our conversation traces his journey, lessons learned along the way,

and perspectives on today's private markets. We then discussed the need for flexible capital solutions to address private equity liquidity challenges,

competitive differentiation in the space, and the process for making it happen across sourcing,

creating solutions, and managing risk.

Along the way, David shares his refreshingly honest views on investor expectations,

leveraged capital structures, good and bad investments, and incentives that help navigate an

increasingly crowded marketplace. Before we get going, it's that time of year when we turn

to traditions, like the tradition of Thanksgiving,

gathering family and friends to share what we're thankful for, one of which is the ability to eat

...