368: As above, so below: The case for crossover private credit
Update: 2025-06-06
Description
This week, we tackle part of the private credit universe that doesn’t
often get much airtime. That’s ‘crossover credit’ – or in other
words, the part of the market that sits between investment-grade and
sub-investment-grade credit.
Talking us through this episode is Stu Hitchcock, L&G’s Head of
Private Credit Portfolio Management. Stu addresses the size of the
crossover market, the types of deals that may utilise this form of
credit and how it may fit into a portfolio.
Asking the questions is Nick Jardine, Content Manager for L&G’s
Private Markets platform.
All data is sourced internally from L&G as of June 2025, unless
otherwise states.
For professional investors only. Capital at risk.
Source: Moody’s Annual Default Study, 2023. Based on issuer-weighted average
default rates and issuer-weighted senior unsecured bond recovery
rates, from 1983-2023.
often get much airtime. That’s ‘crossover credit’ – or in other
words, the part of the market that sits between investment-grade and
sub-investment-grade credit.
Talking us through this episode is Stu Hitchcock, L&G’s Head of
Private Credit Portfolio Management. Stu addresses the size of the
crossover market, the types of deals that may utilise this form of
credit and how it may fit into a portfolio.
Asking the questions is Nick Jardine, Content Manager for L&G’s
Private Markets platform.
All data is sourced internally from L&G as of June 2025, unless
otherwise states.
For professional investors only. Capital at risk.
Source: Moody’s Annual Default Study, 2023. Based on issuer-weighted average
default rates and issuer-weighted senior unsecured bond recovery
rates, from 1983-2023.
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