Capital Allocators – Inside the Institutional Investment Industry Kieran Goodwin – Private Credit Concerns (EP.494)
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Mar 30, 2026 
Kieran Goodwin, Partner at Saba Capital and veteran credit trader, shares his decades-long path from credit derivatives to distressed investing. He tackles rapid private credit growth, asset-liability mismatches, liquidity and marking risks. Short sentences cover leverage, drawdown and BDC structures, reflexive redemptions, and how he’s positioned to profit from stress.
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Panning's Fast Start And The Pitfall Of Rapid Growth
- Kieran launched Panning with strong LP interest and rapid AUM growth from $600M to $2.5B within ~18 months.
- Early success (20% net in 2013) led to overconfidence and mistakes like growing too fast and stretching strategy.
Avoid Trading Outside Your Core Edge
- Avoid stretching beyond your core expertise; exit trades that move outside your skill set before they become large risks.
- Kieran cited Fannie/Freddie preferreds where Delta widened and the trade exceeded his comfort zone.
Unconventional Hiatus Led Back To Markets
- After stepping back from investing, Kieran tried diverse pursuits including consulting for Mayor Bloomberg, graduate school, farming, and stand‑up comedy.
- Boaz Weinstein later pulled him into board work and eventual advisory roles that led to Saba.
