FICC Focus Credit Crunch: Monroe’s Uddin on Software, Middle-Market Lending
Mar 27, 2026
Zia Uddin, President of Monroe Capital and CEO of MLend, is a private credit and middle‑market lending veteran. He discusses how not all software carries equal AI risk. He explains why originations and cycle experience matter. He highlights growth areas like asset‑based finance, lower middle‑market lending and selective European expansion.
AI Snips
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Transcript
Episode notes
Explain Software Risk As A Business Model
- Explain software risk as a business model and underweight duration or sponsor risk factors in portfolios.
- Use sponsor partnerships and clear client conversations to show why lower middle market SaaS can be less AI-vulnerable.
Private Credit Is Many Distinct Markets
- Private credit is not a monolith; risk profiles vary widely across NAV loans, senior secured lower middle market loans, and mezzanine or software rollups.
- Conflating all private credit creates misleading headlines and investor reactions.
Position Gates As A Feature Not A Bug
- Treat gated liquidity features as intentional design to prevent fire sales and educate advisors rather than viewing them as defects.
- Emphasize matching liquidity terms to underlying assets when explaining retail-aligned private credit.