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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!
40 Episodes
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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/
01:25 - Analyzing the Ryder Cup: US Team's early deficit05:02 - Data Centers and AI: the hottest trend in asset-based finance09:18 - Structuring deals for insurance capital: opportunities and risks13:35 - The power of private transactions: flexibility and control in deals16:56 - Exploring new frontiers: fintech, art, HEI, and ABF market growth25:08 - From Mets misery to NFL hopes: sports roundup29:14 - Private Credit and Equity: sports as the next major asset class32:03 - Get involved: share ideas and join DealCatalyst conferencesTodd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/
00:00 - Exclusive DealCatalyst offer and guest introduction01:18 - From Wall Street analyst to TCG Founder06:30 - Real estate, opportunistic, and private credit under one roof10:59 - TCG's unique investor-friendly capital structure and approach13:41 - Navigating the private credit bubble for underserved markets19:22 - Current credit cycle and real estate market stress25:34 - Southern states growth and future office lending opportunities30:15 - Building relationships and exploring unconventional asset classes34:35 - Len's coaching role and TCG's family enterprise culture36:57 - Hobbies, book recommendations, and a bold market prediction42:10 - Thank you and final DealCatalyst Conference offerLen Tannenbaum, Founder, TCG - https://www.linkedin.com/in/leonard-tannenbaum-a3b3561/Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/
00:00 - Understanding Coromandel's niche in the current market.04:47 - Optimizing capital stacks and fintech's evolving role.11:24 - Navigating chaos: Coromandel's founding story.15:11 - Avoiding common pitfalls for early-stage venture-backed companies.20:38 - Identifying credit gaps in small business and consumer lending.25:52 - Educating LPs and the rise of co-investing in private credit.31:50 - Leveraging technology and AI for scalable niche lending.37:08 - Could AI disrupt relationship-based, smaller check lending?39:47 - Where Coromandel sees the most compelling future opportunities.43:43 - Rob's sports fandom and a surprising personal fact.45:52 - A powerful book recommendation and the joy of entrepreneurship.48:59 - A prediction for the next 12 months and podcast wrap-up.Rob McGregor, Managing Partner, Investments, Coromandel Capital - https://www.linkedin.com/in/robertmcgregor/Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/
Thanks for returning to The Credit Clubhouse, your one-stop shop for all things credit.We have a special offer for our listeners. If you want to attend any of our conferences, we have a fantastic deal for you. Simply visit www.dealcatalyst.io, choose the event you want to attend and enter the promo code CREDIT when registering to receive a 10% discount on the ticket price.Please remember to follow the show, rate us, and leave a review. Your feedback is invaluable to us and helps us improve the show.Welcome back to our latest installment of The Credit Clubhouse, as always I am your host, Todd Anderson, Head of Content & Programming at DealCatalyst. Joining me today is Michael Hacker, Managing Director, Partner, and Global Head of Portfolio Finance at Carlyle AlpInvest.Key topics covered:Carlyle AlpInvest's solutions for investorsHow the firm works with GPs to drive operational value in portfolio companiesRisk and evaluation of secondary and primary commitmentsManaging liquidity in an uncertain macroeconomic environmentThe key drivers behind the growth of portfolio financeThe evolution of co-investmentsThe most compelling opportunities in secondaries todayThe growing opportunity in structured solutionsAnd much more...Michael Hacker, Managing Director, Partner and Global Head of Portfolio Finance, Carlyle AlpInvest - https://www.linkedin.com/in/michaelhacker/ Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/
Thanks for returning to The Credit Clubhouse, your one-stop shop for all things credit.We have a special offer for our listeners. If you want to attend any of our conferences, we have a fantastic deal for you. Simply visit www.dealcatalyst.io, choose the event you want to attend and enter the promo code CREDIT when registering to receive a 10% discount on the ticket price.Please remember to follow the show, rate us, and leave a review. Your feedback is invaluable to us and helps us improve the show.Welcome back to our latest installment of The Credit Clubhouse, as always I am your host, Todd Anderson, Head of Content & Programming at DealCatalyst. Joining me today is Michael Ewald, Partner, Global Head of the Private Credit Group, Bain Capital.Key topics covered:The Impact of Volatility on the competitive dynamics of private credit.Deal activity amid macro uncertainty.The most resilient sectors in today's environment.Assessing recession risk when underwriting new deals.Sponsored vs. non-sponsored deal dynamicThe growth of private credit globallyNewer entrants to private credit and the impact on deal termsStructural innovationsBalancing yield versus credit quality in today’s market?Increasing demand for evergreen or open-ended private credit structuresConsolidation in private credit Joint venture arrangements with banksAnd much more...Michael Ewald, Partner, Global Head of the Private Credit Group, Bain Capital - https://www.linkedin.com/in/michael-ewald-2617b98/Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/
Thanks for returning to The Credit Clubhouse, your one-stop shop for all things credit.We have a special offer for our listeners. If you want to attend any of our conferences, we have a fantastic deal for you. Simply visit www.dealcatalyst.io, choose the event you want to attend and enter the promo code CREDIT when registering to receive a 10% discount on the ticket price.Please remember to follow the show, rate us, and leave a review. Your feedback is invaluable to us and helps us improve the show.Welcome back to our latest installment of The Credit Clubhouse, as always I am your host, Todd Anderson, Head of Content & Programming at DealCatalyst. Joining me today is Natalie Garcia, MD, Deerpath.Key topics covered:Macroeconomic conditions & underwritingFinding the optimal balance between yield and protection.The impact of potential rate cuts.Loan demand & tighter credit conditions.The most resilient & most vulnerable sectors in the lower middle market.Why the lower middle market is so appealing.Key trends in covenant structuring.Delivering customized facilities tailored to sponsors and borrowers.Monitoring portfolio companies post-close to identify early warning signals.Preparing for recession scenarios & an uptick in M&A activityAI’s potential impact on lower middle market lending.And much more...Natalie Garcia, MD, Deerpath - https://www.linkedin.com/in/natalie-garcia-1a455011/Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/
Thanks for returning to The Credit Clubhouse, your one-stop shop for all things credit.We have a special offer for our listeners. If you want to attend any of our conferences, we have a fantastic deal for you. Simply visit www.dealcatalyst.io, choose the event you want to attend and enter the promo code CREDIT when registering to receive a 10% discount on the ticket price.Please remember to follow the show, rate us, and leave a review. Your feedback is invaluable to us and helps us improve the show.Welcome back to our latest installment of The Credit Clubhouse, as always I am your host, Todd Anderson, Head of Content & Programming at DealCatalyst. Joining me today is Neno Raic, Partner at NLC.Key topics covered:How does sub-line financing 2.0 differ from 1.0?The biggest drivers behind this evolution.The adoption and growth of term loans?The emergence of tranche B loans.The growing influence of securitisation and structured finance.Trends in GP behavior.Bank/non-bank cooperation and competition.NLC's NAV lending launch.Closing the LP education gap.NLC’s U.S. expansion and having boots on the groundAnd much more...Neno Raic, Managing Partner, NLC - https://www.linkedin.com/in/neno-raic-57a85a73/Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/
Thanks for returning to The Credit Clubhouse, your one-stop shop for all things credit.We have a special offer for our listeners. If you want to attend any of our conferences, we have a fantastic deal for you. Simply visit www.dealcatalyst.io, choose the event you want to attend and enter the promo code CREDIT when registering to receive a 10% discount on the ticket price.Please remember to follow the show, rate us, and leave a review. Your feedback is invaluable to us and helps us improve the show.Welcome back to our latest installment of The Credit Clubhouse, as always I am your host, Todd Anderson, Head of Content & Programming at DealCatalyst. Joining me today is Kunal Shah, VP, Capital Markets Execution at Upgrade.Key topics covered:How Upgrade is defined today.The evolution of funding partnerships.Upgrade's capital stack.Building resilience into the capital stack.Key questions from funding partners.Gaining access to insurance capital.The growth of private credit in ABF.What are the biggest questions asked by investors?The ease of credit access and consumer regulatory issues? And much more...Kunal Shah, VP, Capital Markets Execution at Upgrade - https://www.linkedin.com/in/kpshah94/Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/
Thanks for returning to The Credit Clubhouse, your one-stop shop for all things credit.We have a special offer for our listeners. If you want to attend any of our conferences, we have a fantastic deal for you. Simply visit www.dealcatalyst.io, choose the event you want to attend and enter the promo code CREDIT when registering to receive a 10% discount on the ticket price.Please remember to follow the show, rate us, and leave a review. Your feedback is invaluable to us and helps us improve the show.Welcome back to our latest installment of The Credit Clubhouse, as always I am your host, Todd Anderson, Head of Content & Programming at DealCatalyst. Joining me today is Ahmet Yetis, Senior Managing Director at Evercore.Key topics covered:The continued shift to private markets.The challenging distribution market for LPs and the challenging fundraising environment for GPs.The growth drivers in fund finance.Why insurance capital is flooding into the market.The LP education gap with fund finance productsNew and innovative structures coming to market.And much more...Ahmet Yetis, Senior Managing Director at Evercore - https://www.linkedin.com/in/ahmet-yetis-0b41611/Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/
Thanks for returning to The Credit Clubhouse, your one-stop shop for all things credit.We have a special offer for our listeners. If you want to attend any of our conferences, we have a fantastic deal for you. Simply visit www.dealcatalyst.io, choose the event you want to attend and enter the promo code CREDIT when registering to receive a 10% discount on the ticket price.Please remember to follow the show, rate us, and leave a review. Your feedback is invaluable to us and helps us improve the show.Welcome back to our latest installment of The Credit Clubhouse, as always I am your host, Todd Anderson, Head of Content & Programming at DealCatalyst. Joining me today is Matt Edgar, Founder & CEO of Edgar Matthews.Key topics covered:Valuations return to a more rational levelValuation 101: How is value determined for specialty finance companies / loan originators?The key drivers of premium valuationThe profitability question for fintech lendersMatt's entrepreneurial journeyHow does financing mix and capital structure impact platform valuation?What is considered the ideal funding mix?The composition of buyers today compared to 12 to 24 months ago.How M&A is being reshapedThe hottest and most interesting asset classes How regulatory risk is being priced in for consumer lenders.Will we see a return of the high-interest lender?How buyers can get burned on these deals.And much moreMatt Edgar, Founder & CEO, Edgar Matthews - https://www.linkedin.com/in/matt-edgar-53a01063/Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/
Thanks for returning to The Credit Clubhouse, your one-stop shop for all things credit.We have a special offer for our listeners. If you want to attend any of our conferences, we have a fantastic deal for you. Simply visit www.dealcatalyst.io, choose the event you want to attend and enter the promo code CREDIT when registering to receive a 10% discount on the ticket price.Please remember to follow the show, rate us, and leave a review. Your feedback is invaluable to us and helps us improve the show.Welcome back to our latest installment of The Credit Clubhouse, as always I am your host, Todd Anderson, Head of Content & Programming at DealCatalyst. Joining me today is Maxime Laurent-Bellue, Group Deputy Chief Executive Officer and Co-Head of Credit at Tikehau Capital.Key topics covered:Investor appetite and motivations for European alternativesThe risk/return trade-off in private credit versus traditional fixed income?The Evolution of the European Private Debt Market.Shifting borrower behaviors amidst tighter credit conditions.How Tikehau differentiates its European platform.Balancing opportunistic investing with thematic long-term strategies across private markets.Sustainable finance and how to measure tangible impact in private credit.Structuring and origination innovations.Alternative asset classes and regions poised for growth.And much more...Maxime Laurent-Bellue, Group Deputy Chief Executive Officer and Co-Head of Credit, Tikehau Capital - https://www.linkedin.com/in/maxime-laurent-bellue-2b818729/ Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/
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