Assessing private credit stress and defaults

In this episode of the Private Markets Podcast, Fund Shack, Ross Butler is joined by Cyril Demaria-Bengochea, Head of Private Market Strategy at Julius Baer and Associate Professor at EDHEC Business School.

Cyril brings a rare combination of academic rigour and practical industry insight, shaped by his work with institutional investors, private banks, regulators, and industry bodies including Invest Europe and ILPA. Together, Ross and Cyril unpack what is really changing in private markets, why innovation is accelerating despite slower fundraising and exits, and why information quality, not liquidity or leverage, is now the industry’s biggest constraint.

The discussion explores how continuation funds have moved rapidly into the mainstream, why evergreen structures have become central to private-wealth portfolios, and where the real risks sit beneath commonly used labels like “semi-liquid”. Cyril also offers a measured, data-driven view on private credit, arguing that its growth reflects capital filling the void left by regional banks rather than an unchecked expansion of systemic risk.

The episode goes on to examine listed versus unlisted private equity, the limits of trading private shares without public-market disclosure, and how private markets increasingly compete with fixed income rather than public equities in long-term portfolio construction.

This is a technical, practitioner-focused conversation for allocators, advisers, wealth managers, and professionals navigating private markets at scale.

Topics covered include: Evergreen private equity funds, continuation vehicles and GP-led secondaries, private credit and direct lending, portfolio construction for private wealth, listed private equity vs unlisted structures, liquidity and redemption risk, transparency and due diligence, AI and venture capital cycles, and the role of information in market discipline.

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Cyril Demaria-Bengochea

Head of Private Market Strategy at Julius Baer

Associate Professor at EDHEC Business School

Author and advisor to Invest Europe, ILPA, and the European Commission

🌐 https://www.juliusbaer.com/international/en/our-solutions/investing/other-solutions-and-products/private-markets-offering/

🔗 CONNECT on LinkedIn https://www.linkedin.com/in/cyril-demaria/

Ross Butler

Founder and Host Fund Shack

🌐 www.fund-shack.com

🔗 CONNECT on LinkedIn www.linkedin.com/in/rossbutler1/

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📘 Order Ross Butler’s book

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Fund Shack is a podcast exploring private equity, venture capital, private credit, infrastructure and real assets, through in-depth conversations with the investors, founders and thought leaders shaping the future of private markets.

🔗 More episodes: www.fund-shack.com

💡 Suggest a guest: katie@linearB.media

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