Commoditization Effects: Overlap, Yields, Structures

Michael is Co‑Founder of SLR Capital Partners, a private credit firm advising on $13B of total available capital (as of 9/30/25), and a pioneer of modern private credit, including as a founding partner of Apollo Global Management. We discuss how the private credit landscape has evolved as it has scaled and institutionalized, why parts of the market have become crowded, and how complex strategies like asset‑based lending may offer more compelling risk‑adjusted returns and true portfolio differentiation today.

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