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© Todd Anderson, Head of Content & programming, DealCatalyst
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Welcome to The Credit Clubhouse — where the world of structured credit, direct lending, asset-based finance, and fund finance meets sharp insights and even sharper wit. Hosted by Todd Anderson, DealCatalyst’s Head of Content, this podcast dives deep into the complex world of alternative finance with a dash of humor and a lot of know-how. Whether you're a seasoned professional or just looking to sound smarter at your next industry event, Todd and his guests will break down the jargon and unpack the trends shaping the future of credit markets — one episode at a time. Grab your headphones; the deals are in the details!
51 Episodes
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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 - Introduction to the Episode and Key Sponsor Announcements01:31 - Navigating the Competitive Direct Lending Market Landscape03:44 - Private Equity's Role and Segmenting Credit Markets06:20 - Private Credit's Growing Share and Transparency Evolution08:43 - The Future of Data Transparency in Private Credit12:42 - Analyzing Sector Volatility and AI's Economic Effects18:03 - Covenant Trends and Cyclicality in Credit Market Docs23:42 - Identifying Key Risks and Macroeconomic Influences30:51 - Guidance for New Private Credit Investors and Fund Structures34:41 - Exploring New Avenues in Alternative Finance Strategies36:52 - Practical Insights from Challenging Credit Investments41:12 - Rapid Fire Questions and a Bullish Market Forecast45:35 - Wrapping Up the Discussion and Podcast OutroMichael Haynes, Head of Private Credit, Beach Point Capital Management - https://www.linkedin.com/in/michael-haynes-9550b295/Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/
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 - Welcome to the Clubhouse: Understanding Crypto and DeFi02:43 - Demystifying Crypto and DeFi: Settlement Layers and Applications07:56 - Why the World is Moving to a Stablecoin Economy10:39 - Overcoming Hurdles: Adoption, Intermediaries, and Singleness of Money19:22 - Institutional Interest Drives On-Chain Credit Expansion24:12 - Real-World Applications: Stablecoins for Payments and Settlement30:48 - Boom, Bust, and Beyond: Crypto's Generational Shift36:18 - Rule Enforcement and System Competition in DeFi40:48 - Connecting Blockchains: Interoperability, Security, and AI's Role45:26 - Adrian's Hobbies, Book, and Future PredictionsAdrian Cachinero Vasiljevic , co-founder of Steakhouse Financial - https://www.linkedin.com/in/adriancachinero/Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/
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/
00:00 - Kicking Off the New Year with Michael Nowakowski of Conning01:21 - Assessing the Current State of Structured Credit Markets Today03:38 - Uncovering Potential Red Flags in Today's Structured Credit Market05:44 - How Private Debt is Reshaping Structured Credit Deal Terms08:43 - Michael Nowakowski Details Conning's Structured Credit Focus10:15 - The Rise of New Issuers in Digital Infrastructure Securitization11:52 - Exploring the Blending of Public and Private Capital in Deals14:01 - Why Esoteric Asset Classes Offer Appealing Opportunities Today17:25 - Navigating the Risks and Caution in Data Center Investments22:54 - Discovering Value in Other Structured Credit Asset Classes25:22How Clients React to Major Market News and Policy Changes27:35 - Michael's Hobbies, Book Picks, and a Bold Market Prediction31:24 - Don't Miss Out: Exclusive Conference Offer for ListenersMichael Nowakowski, Head of Structured Products, Conning - https://www.linkedin.com/in/michael-nowakowski09/Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/
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/
This episode is brought to you in partnership with Setpoint, the operating system for capital markets.01:15 - First Brands and Tricolor failures and what they reveal about the ABF market today05:08 - Setpoint overview and solving the analog backend07:03 - What is double pledging, and what happened with First Brands and Tricolor08:57 - Information accessibility between public and private markets12:15 - Launching Setpoint Pledge Check14:48 - The importance of having an independent third party for verification of assets17:22 - Can double pledging be eliminated?20:28 - Solving the complex workflows in ABF and moving on from Excel22:03 - How a private credit ecosystem can become healthy and transparent in the next five years24:01 - Stuart's entrepreneurship journey and the joy in building new products 26:53 - Fun rapid fire questions and wrap upStuart Wall, CEO & Co-Founder, Setpoint - https://www.linkedin.com/in/stuartwall/Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/
00:00 - The Rapid Growth of Fund Finance as a Permanent Asset Class02:34 - From Niche Product to Permanent Asset Class: A Decade of Change04:58 - Founding Hark Capital: Solving Post-GFC Equity Problems in the Lower Middle Market08:06 - Navigating 'Bad Press': How NAV Lending Gained LP Acceptance and Clarity12:15 - Excitement and Concerns: The Future Landscape of Fund Finance16:33 - Exploring Underdeveloped Niches and Creative Structural Innovations in Fund Finance22:45 - The Leap of Faith: Lessons Learned from an Entrepreneurial Journey26:28 - From AI Poetry to Market Forecasts: Doug's Personal Reflections and 2024 PredictionDoug Cruikshank, Managing Partner & Founder, Hark Capital - https://www.linkedin.com/in/doug-cruikshank-hark/Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/
00:00 - Kicking off with Stewart Mandel and The Athletic's mission02:18 - How NIL and transfers are reshaping college football04:42 - The legal and financial ramifications of NIL beyond football08:31 - The financial challenges and governance of college football11:58 - The future: private equity and a college football super league17:01 - Stewart Mandel's concerns and Congress's role in college sports20:52 - Stewart Mandel's hobbies, books, and championship forecast25:12 - Thank you and exclusive listener offerStewart Mandel, Editor-in-Chief of The Athletic's College Football Coverage - https://x.com/slmandel Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/
00:00 - Navigating Macro Uncertainty in Fixed Income Investing04:51 - Blurring Lines Between Public and Private Markets10:41 - PGIM's Strategy for Differentiated Securitized Investing16:27 - Evolving Investor Appetite and European Market Expansion23:14 - Structural Shifts Driving Asset-Backed Finance Demand27:49 - Evolving Ways Clients Consume Securitized Assets32:09 - Should Retail Investors Access Private Credit Assets?35:42 - Capital Concentration and Future Outperforming Sectors41:25 - Personal Insights and Career Motivations with Edwin45:04 - Edwin's Market Outlook and Episode Wrap-upEdwin Wilches, CFA, Managing Director and Co-Head of Securitized Products, PGIM - https://www.linkedin.com/in/edwinwilches/ Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/
00:00: Welcome, Guest, and Defining Asset-Backed Finance04:13: How Credit Markets Evolved After the Financial Crisis11:09: Inside 400 Capital Management's Specialized Credit Strategy16:01: Driving Factors for Institutional Interest in Credit Markets21:18: Achieving Identifiable Alpha Through Problem-Solving in Credit24:48: Analyzing Distressed Situations and Market Corrections in Credit31:47: Navigating Opportunities and Risks in Commercial Real Estate40:06: Key Trends Shaping Structured Credit Investing's Future43:43: Chris Hentemann's Hobbies, Books, and Client ConnectionsChris Hentemann, Managing Partner & Chief Investment Officer, 400 Capital Management - https://www.linkedin.com/in/chris-hentemann/Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/
00:00 - Discovering Dubai's Emergence as a Global Capital Hub03:30 - How the Middle East is Rebalancing Global Capital Flows06:31 - Rapid Rise of Sophisticated Middle East Investors12:35 - The DIFC's Role in Shaping Regulatory Frameworks17:02 - Anticipating Future Market Evolution and Final ReflectionsTodd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/
00:00 - Exploring Fund Finance's meteoric growth since 200703:13 - Unpacking Fund Finance growth drivers and media's misplaced focus06:01 - Inside Fund Finance Partners and the NAV Lending Index's impact10:47 - Bridging knowledge gaps for sponsors in fund finance13:57 - The exciting evolution of Fund Finance and lending dynamics18:34 - Navigating risk and structural innovation in Fund Finance22:45 - Identifying underserved Fund Finance markets and policy gaps26:54 - Richard Wheelahan's founder journey and personal reflections33:51 - Thank you and Exclusive DealCatalyst Conference OfferRichard Wheelahan, Managing Director and Co-Founder, Fund Finance Partners - https://www.linkedin.com/in/rwheelahan/Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/
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