The Credit Clubhouse

Michael Nowakowski, Managing Director and Head of Structured Credit at Conning, explains why structured markets stay range-bound with tight spreads. He flags late-cycle risks like documentation drift and issuer collateral creep. He discusses how private debt reshapes deals, the rise of digital infrastructure securitizations, and why esoteric ABS and data center risks deserve close attention.

If you have not yet taken the DealCatalyst Fund Finance Survey, please do so here. We welcome your input.00:00 - Navigating Private Credit: Inside the Spread Volume 202:55 - EQT Acquisition and Global Rebalancing Fuel Secondaries Growth09:59 - Blue-Chip Firms Dominate Private Credit Fundraising Landscape13:41 - The Rise of Evergreen and Interval Funds in Private Credit19:07 - Stay Tuned for New Guests and Podcast Segments19:54 - Direct Lending Market Poised for Trillions in Growth23:40 - Regulatory Easing and Bank Competition in Private Credit28:18 - The Existential Challenge of Fintech Profitability and Scale31:56 - Thank You and Final Podcast AnnouncementsTodd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

00:00 - The Credit Clubhouse Welcomes You and Launches "Inside the Spread"03:44 - A Troubled History: The Host's Buffalo Bills Playoff Agony06:21 - Examining Global Regulatory Scrutiny on the Private Credit Market13:21 - Strong Fundraising and the Rise of Evergreen Private Credit Funds18:39 - Exploring Private Credit Growth in Asia, Middle East, and Secondaries22:21 - Don't Miss Out: Final Conference Reminders and Go Bills!Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

00:00 - New Year Greetings and The Credit Clubhouse Growth02:33 - Analyzing 2025's Up and Down Private Credit Markets05:09 - How Banks Partner with Private Credit, Not Compete09:14 - The AI Boom and Big Tech's Growing Debt Ratios15:36 - Prioritizing Risk Management and Selective Deal Making in 202617:37 - Why BDCs Face Headwinds and Investor Expectation Resets20:22 - The Growing Appeal of Asset-Based Finance Opportunities24:13 - Host's Closing Thoughts and Exclusive Listener OfferTodd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

00:00 - Clarifying GP Finance and its Role in Fund Management03:17 - Exploring Motivations and Capital Alternatives for GP Financing07:42 - How Crescent Capital Navigates Compelling Market Dynamics13:10 - Identifying the Ideal Target Sponsor for Crescent Capital16:05 - Understanding GP Financing Collateral and Bilateral Deal Structures19:43 - Expanding GP Finance to Other Funds and Crescent's Unique Advantage23:09 - Exploring Innovative Structures and the Evolving GP Finance Market25:17 - Anticipating the Future Evolution and Potential Impediments in GP Finance29:35 - Getting to Know Greg Hardiman with Rapid Fire Fun Questions32:03 - Don't Miss Out: Episode Wrap-up and Exclusive Listener OfferGreg Hardiman, GP-LP Solutions, Crescent Capital - https://www.linkedin.com/in/gregory-hardiman/Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

Apollo's Private Credit: Fact vs. FictionPension Slams Private Market Ratings After €1 Billion Loss00:00 - Analyzing Apollo's Defense and Pension Fund Losses in Private Credit06:22 - Counting Down the Best Holiday Films, From Classics to Modern Favorites11:12 - Examining the NFL's Massive Ratings and Financial Impact on Sports14:25 - The Playoff's Impact, Ratings Success, and Private Equity in College Sports19:33 - Forecasting College Football Champions and Thanking Our Valued ListenersTop 10 Christmas MoviesNational Lampoon's Christmas Vacation (1989)Home Alone (1990)Elf (2003)The Holiday (2006)A Christmas Story (1983)It's a Wonderful Life (1946)Love Actually (2003)How the Grinch Stole Christmas (1966/2000)A Charlie Brown Christmas (1965)The Polar Express (2004)Honorable MentionRudolph the Red-Nosed Reindeer (1964)Frosty the Snowman (1969)Four Christmases (2008)Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

Download the Inaugural ABF Capital Flows Survey Report from DealCatalyst Intelligence.00:00 - Welcome to the Clubhouse: Unpacking the ABF Capital Flows Survey02:53 - Why Capital Flows to Larger ABF Asset Managers05:42 - The Challenge of Direct LP Engagement for Borrowers09:23 - Bridging the Gap: Banks, Borrowers, and Capital Mismatches16:01 - Navigating Broad Asset Appetite and Market Discipline in ABF22:08 - Exploring New Frontiers, LP Sophistication, and the Future of ABFGanesh Rajendra, Managing Partner, Integer Advisors - https://www.linkedin.com/in/ganesh-rajendra/Rory Mepham, CEO, The Sancus Group - https://www.linkedin.com/in/rory-mepham-7ba52913/Julian Schickel, Founding Partner, Avellinia Capital - https://www.linkedin.com/in/jschickel/Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

00:00 - Welcome to the Clubhouse and Exclusive Conference Offer03:33 - Credit Fund Capital, Securitization, and LP Support in ABF07:21 - Upcoming DealCatalyst Events and ABF Survey Insights09:40 - Adding Sports Content and Community Engagement to the Show11:45 - Examining Mark Rowan's Four Myths About Private Credit18:09 - Stress Tests, Investor Confidence, and Market Momentum21:40 - Looking Ahead to 2026 and Final Conference OfferPrivate-Credit Fears Are Based on Four Myths - https://www.bloomberg.com/opinion/articles/2025-12-03/private-credit-is-safe-and-makes-the-financial-system-strongerMubadala Backs Private Credit Bets After Plowing in $20 Billion - https://www.bloomberg.com/news/articles/2025-12-04/mubadala-backs-private-credit-bets-after-plowing-in-20-billionBank of England launches stress test of private equity and credit - https://www.reuters.com/sustainability/boards-policy-regulation/bank-england-launches-stress-test-private-equity-private-credit-industries-2025-12-04/Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

00:00 - Exploring the Booming Private Credit Market in Ireland02:35 - Ireland's Shifting Landscape: Public Struggles, Private Boom05:01 - Quintus Capital's Mid-Market Niche and Growth Strategy09:46 - Navigating Deal Sourcing and PE Sponsors in Ireland13:49 - International Expansion and Ireland's Macroeconomic Stability18:46 - Assessing Risk, Identifying Growth Sectors, and ESG Trends24:48 - AI's Impact, LP Misconceptions, and Irish Wealth Retention30:39 - Ireland's Data Center Boom and Kevin Canning's Personal SideKevin Canning, CEO, Quintas Capital - https://www.linkedin.com/in/kevincanning1/Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

00:00 - Exploring the Blurring Lines of Public and Private Markets03:30 - Brad Foster's Role and the Language of Private Markets06:48 - Understanding the Growth and Appeal of Private Direct Lending09:27 - What Borrowers Value in Private Capital and the Investment Grade Shift12:09 - LP Capital Allocation and Bloomberg's Technology in Private Markets16:03 - Balancing Market Transparency, Confidentiality, and Retail Investor Access20:55 - Addressing Market Fragmentation and the Future of Secondary Markets25:51 - Personal Insights, Future Predictions, and Episode ConclusionBrad Foster, Head of Fixed Income & Private Markets, Bloomberg - https://www.linkedin.com/in/brad-foster-437799ba/Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/