The Credit Clubhouse

Clark Briner, Founder and Principal at Revere Capital with ~20 years in private credit and investment banking. He discusses filling lending gaps in the lower middle market. Short-duration, asset-backed structures, avoiding style drift, and how data and AI accelerate underwriting are highlighted. He also covers investor education, liquidity pricing, and why structural alpha matters.

This episode is presented by 9fin. The AI-native platform for modern credit teams.Head to https://www.9fin.com/demo to request a 30-minute personalised demonstration.00:00:11 – Welcome to the Credit Clubhouse with Yann Robard 00:00:46 – Yann’s Journey: From CPPIB to Founding Dawson Partners 00:02:05 – The Idea Behind Dawson: Better Liquidity Solutions for Private Equity 00:03:54 – Dawson Today & How Private Markets Have Evolved 00:04:18 – Dawson’s Four Pillars: Tech, Innovation, Scale & Culture 00:08:36 – Maintaining Culture While Scaling to 250 People 00:14:09 – Private Equity Outlook: Performance, Challenges & Governance Edge 00:21:52 – Private Equity vs Private Credit & The Rise of Secondaries 00:28:56 – GP-Led Continuation Vehicles & Future of Secondaries 00:34:31 – Fun Wrap-Up: Hobbies, Surprises & Biggest Opportunities AheadYann Robard. Managing Partner at Dawson Partners - https://www.linkedin.com/in/yann-robard-84b07b109/Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/https://linktr.ee/thecreditclubhousepodcast

This episode is presented by 9fin. The AI-native platform for modern credit teams.Head to https://www.9fin.com/demo to request a 30-minute personalised demonstration.00:00 - Kicking Off: Welcome to The Credit Clubhouse & Sponsor Messages01:31 - Russell Corn on Founding Fulcrum Diligence and Objective Research05:38 - James Devey Details the Patrick James First Brands Investigation13:28 - Why Private Credit Funds Miss Red Flags in Due Diligence20:03 - Balancing Privacy and Transparency in Commercial Dealings26:43 - Why Traditional Due Diligence Often Fails to Uncover Fraud35:44 - The Double-Edged Sword of AI in Due Diligence Investigations41:59 - How Uncovering Fraud Shapes Private Credit Markets44:25 - Guests Share Personal Insights and Final PredictionsRussell Corn, CEO, Fulcrum Diligence - https://www.linkedin.com/in/russell-c-2b6218b/James Devey, Senior Analyst, Fulcrum Diligence - https://www.linkedin.com/in/james-devey-42a879252/Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/https://linktr.ee/thecreditclubhousepodcast

David Robbins, Director at StepStone Group with ~20 years in private credit and markets experience. He unpacks recent private credit headlines and why some stories were noise. He explains how private credit grew as banks pulled back and the appeal of semi‑liquid options for retail. He stresses diversification, underwriting strength, and the need for clearer investor education.

They unpack a turbulent week for direct lending, including steep market drops and surging redemption requests. The conversation covers investor education gaps, liquidity mismatches, and managers’ redemption-management tactics. They also touch on AI-related sector exposure fears, fraud headlines, retailization trends, and moves toward greater NAV transparency.

Joel Holsinger, Co-Head of Ares Alternative Credit and portfolio manager with decades in asset-based finance. He defines asset-based finance as portfolios of contractual cash flows. He explains why ABF went mainstream, how insurance and other LPs differ, and the trade-offs between captive and flexible investing. He also discusses NAV lending, secondaries, market resilience, philanthropy, AI-driven growth, and skepticism about crypto.

Missy Dolski, Partner and Global Head of Asset-Based Finance at Värde Partners, brings decades of credit-market experience. She maps Värde's three ABF verticals: consumer, commercial, and fund finance. She explains why middle-market platforms matter. She highlights fraud avoidance, data-science monitoring, and how fund finance is evolving into a standalone sector.

Michael Haynes, Head of Private Credit Strategies at Beach Point Capital Management, is an experienced credit investor focused on direct lending and alternative finance. He breaks down the competitive direct lending landscape and market segmentation. He explores evolving data transparency, covenant trends, sector volatility including tech and AI risks, and practical advice for new private credit investors.

Adrian Cachinero Vasiljevic, co-founder of Steakhouse Financial and crypto-native credit builder. He unpacks settlement layers vs on-chain applications. He argues stablecoins will power global settlement and emerging market dollar demand. He covers institutional paths to adoption, on-chain credit structures, interoperability across chains, and practical kinks like fraud and chargebacks.

Sign up for the Credit Crunch Blog - https://www.creditcrunch.blog/00:00 - Welcome to the Clubhouse: Private Credit's Current State02:58 - Why Big Funds Still Rule Private Credit Fundraising06:56 - KSL's Niche: Capitalizing on the K-Shaped Economy15:08 - From Evergreen Funds to 401Ks: Expanding Private Market Access21:35 - Why Investors are Shifting from Private Equity to Credit26:43 - Howard Marks' Warning: Is AI Creating a New Bubble?31:05 - Market Bifurcation: Consolidation and the Future of CreditNick Smith, Portfolio Manager, Claret Capital Partnershttps://www.linkedin.com/in/nick-smith01/Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/