Private credit’s ‘golden era’ shows signs of tarnish
Behind the Money
Topher Forhecz
4.4 • 350 Ratings
🗓️ 28 August 2024
⏱️ 22 minutes
🧾️ Download transcript
Summary
Private credit took Wall Street by storm. But at a software company called Pluralsight, recent loan troubles are now highlighting risks that could be hidden in the sector. The FT’s senior US corporate finance correspondent Eric Platt and Due Diligence reporter Amelia Pollard walk through what went wrong with Pluralsight, and how that could shape private credit’s future.
Clips from Bloomberg, CNBC
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For further reading:
A messy loan restructuring highlights risk lurking in private credit
Private credit is even larger than you think
A buyout gone wrong creates fireworks in the private credit market
Vista and co-investors lose $4bn in Pluralsight restructuring
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On X, follow Eric Platt (@ericgplatt), Amelia Pollard (@ameliajpollard) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
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Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | Join Capital Group CEO Mike Gittland for a new edition of the Capital Ideas Podcast. |
| 0:06.2 | In unscripted conversations with investment professionals, |
| 0:09.7 | you'll hear real stories about successes and lessons learned, informed by decades of investment |
| 0:15.3 | experience. |
| 0:16.3 | It's your look inside one of the world's largest asset managers. |
| 0:20.1 | New episodes are available monthly. |
| 0:22.0 | Subscribe wherever you get your podcasts. |
| 0:24.4 | Invest 30 minutes in an episode today. |
| 0:27.0 | Published by American Funds Distributors, Inc. It is the golden age of private credit. |
| 0:35.0 | This is the golden age of private credit. |
| 0:38.0 | The golden age. |
| 0:40.0 | The golden age. |
| 0:41.0 | The golden age of the golden Age of the private credit is having a moment right now |
| 0:46.6 | on Wall Street. demand for private credit and private credit investments has |
| 0:50.6 | surged in recent years. Look there's been a huge growth in private credit as a whole. |
| 0:56.0 | It is like the buzzword on Wall Street. |
| 0:58.8 | It seems like on every earnings call, there's a mention of private credit. |
| 1:01.8 | And so I think that there has just been a flood like |
| 1:04.7 | it's really taken Wall Street by storm and kind of changed the name of the game of finance. |
| 1:10.4 | What we're talking about here are loans that are not coming from banks, and this type of lending has spread everywhere. |
| 1:17.0 | Every part of the US economy and the global economy is touching private credit in some way. It can be your student loan that you have to go to |
| 1:26.8 | college. It can be the rail cars that are moving across the country being leased by private |
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