Private credit playbook

On this week's episode, Aaron Mulvihill, Global Alternatives Strategist, is joined by Stephen Dulake, Co-head of Global Fundamental Research at J.P. Morgan. Together, they discuss private credit, an asset class that has attracted significant investor interest due to its higher yields compared to traditional fixed income. The conversation explores the factors driving growth in the private credit industry, examines how yields compare to public fixed income and where they may be headed, and highlights the key risks and opportunities in this evolving market. Timestamps: (00:00) Introduction (1:10) Stephen’s background (3:05) Private credit (5:50) Growth (8:20) Private credit bubble (11:55) Yields (13:20) Rate cuts (15:10) Risk assessment (23:50) Evolution