Capital Allocators – Inside the Institutional Investment Industry Jonathan Lewinsohn – Credit Microcycles at Diameter (EP.484)
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Feb 2, 2026 
Jonathan Lewinsohn, Co-Managing Partner of Diameter Capital Partners, a credit-focused investor managing multiple strategies. He discusses credit microcycles across AI, housing, telecom, chemicals, and healthcare. Topics include private credit and direct lending evolution, risks from legacy software and AI, pricing hard-to-value tech assets, insurer demand for investment-grade assets, and why macro awareness and ROIC-based underwriting matter.
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Firm-Building Is Like Raising Kids
- Jonathan compares running an asset manager to raising children, emphasizing daily hands-on investment work.
- He spends roughly 80% of his time on investments and 20% on investors and running the business.
Policy Volatility Drives Healthcare Risk
- Healthcare presents stable demand but high policy volatility that creates credit risk and opportunity.
- Favor large, diversified payor mixes and sustainable returns that survive regulatory shifts.
Credit Norms Are Changing Fast
- Creditor norms have eroded and creditors now more aggressively use contractual rights, making distressed credit more complex.
- Cooperative creditor agreements have emerged to provide orderly capital solutions, reducing destructive creditor fights in many cases.
