A recent analysis from PRISM scored the ten largest BDC software lenders using its Velcro Credit Quality framework and found a 20 point gap between the strongest and weakest portfolios.

PRISM's Velcro Score analysis reveals that the private credit market has inverted the risk premium on software lending.

$467B in software principal matures by 2032. Most was underwritten without a framework to tell good software from bad.

What's New A recent analysis from PRISM  reveals that the private credit market holds $124.2 billion in software exposure across 131 funds and 1,305 companies, yet prices structurally different risk profiles as if they were identical assets. The report introduces the Velcro Score, a three axis taxonomy that classifies software borrowers by how difficult they are for customers to replace in a downturn, exposing an inverted risk premium where the riskiest software credits actu

What's New Kieran Goodwin, Partner at Saba Capital, delivered the most detailed reflexivity framework for private credit stress in a conversation with Ted Seides on Capital Allocators , arguing that dividend cuts across major non traded BDCs have triggered a behavioral feedback loop in the retail wealth channel that the industry's liquidity structures were never designed to absorb. Goodwin, a three decade credit veteran across King Street, Panning Capital, and now Saba, conte

What's New Leyla Kunimoto, founder of Accredited Investor Insights, delivered the most granular breakdown of the mechanics now driving private credit redemption caps in a conversation with Jack Farley on Monetary Matters , arguing that the semi-liquid fund structures that absorbed $450 billion in capital over the last several years were built exclusively for inflows and have never been tested in a sustained outflow environment. Kunimoto, a retail investor and independent anal

What's New Nicholas Brooks, Head of Economic and Investment Research at ICG, laid out a structurally optimistic framework for private markets in a conversation on S&P Global's Private Markets 360 , arguing that the balance sheets of corporates, households, and systemically important banks are in strong enough shape to contain risks at the idiosyncratic level rather than the systemic level. Brooks, who oversees ICG's proprietary database tracking fundamentals across nearly 500

What's New David Gross, Managing Partner of Bain Capital, pushed back against the prevailing narrative that private credit and software lending represent systemic risk in a conversation with Andy Serwer at Barron's , arguing that the market has conflated a diverse set of software businesses and credit structures into a single bear thesis that does not reflect the underlying fundamentals. Gross, who took over as sole leader of Bain Capital earlier this year, contends that the

In a revealing Goldman Sachs Exchanges episode, equity research analyst Alex Blostein and Vivek Bantwal, global co head of Private Credit in Goldman Sachs Asset Management, push back on the doom narrative engulfing private credit. Their message is nuanced but clear: the asset class faces legitimate headwinds from retail redemptions and software exposure, but the systemic risk fears dominating headlines are disconnected from the actual data.

What's New In a candid Bloomberg TV appearance , Oaktree Capital co CEO Armen Panossian delivers what may be the sharpest framing yet of the private credit selloff: this is not a private credit problem, it is a vintage problem. With Blue Owl reporting 41% redemption requests on one of its BDCs and publicly traded BDCs trading at steep discounts, Panossian argues the market is painting the entire asset class with one brush when the real issue is concentrated in pre 2022 vintag

What's New In a wide-ranging episode of Alt Goes Mainstream , David Nowak, President of Brookfield's Private Equity Group, unpacks how one of the world's largest asset managers has built a private equity business defined not by financial engineering but by operational grit, collective humility, and a relentless owner-operator mindset. The conversation arrives at a pivotal moment for the industry: as rate normalization exposes the limits of leverage-driven returns, Brookfield'

KKR Co-CEO Scott Nuttall used his closing keynote at Bloomberg Invest 2026 to argue that the alternative asset management industry is entering a structural bifurcation he calls a "K-shaped industry," where firms with through-cycle discipline, global diversification, and linear deployment records will continue to compound, while those that overdeployed in 2021 face LP attrition, consolidation, and apology fund cycles.

Brookfield Asset Management CEO Connor Teskey and Invesco President and CEO Andrew Schlossberg sat down together at Bloomberg Invest 2026 to argue a deceptively simple thesis: bringing private markets to individual investors does not require changing what you invest in or how you invest it.

Private equity is reinventing itself, and the operators will outlast the noise.

What's New Bruce Richards, Founder and CEO of Marathon Asset Management, delivered the most pointed credit call at Bloomberg Invest 2026 , drawing a detailed parallel between the energy sector default cycle of 2016 to 2018 and what he believes is the coming default wave in direct lending to highly leveraged software companies. Richards argues that AI-driven pricing disruption, combined with eight to ten times leverage ratios and near-zero free cash flow after debt service, m

Private credit's retail stress is a confidence problem today and a credit risk if it lingers.

Temasek Holdings CEO Dilhan Pillay Sandrasegara made a deliberate and somewhat contrarian call at Bloomberg Invest 2026: in a world of compounding geopolitical shocks, AI disruption, and credit market stress, liquidity itself has become a source of premium return.

Erik Serrano Berntsen, CEO of Stable Asset Management, sat down with Alt Goes Mainstream to detail how the GP stakes model has evolved from a niche alignment tool into a core infrastructure layer for alternative asset management. Stable, which has built over 40 firms and manages roughly $5B since its founding in 2006, now writes checks of $100M to $300M to seed and accelerate GPs across private credit, private equity, and specialty strategies.

Luke Flemmer, Head of Private Assets at MSCI, sat down with Alt Goes Mainstream to lay out how data harmonization is quietly becoming the defining infrastructure challenge of private markets. Drawing on a career that spans robotics, fixed income trading floors, and Goldman Sachs Asset Management, Flemmer argues that private markets are undergoing the same standardization-driven transformation that reshaped equities, fixed income, and FX over the past two decades, and that MSC

Manulife Global Head of Private Markets Anne Valentine Andrews, Goldman Sachs Global Co-Head of Private Credit Vivek Bantwal, and Blackstone Global Head of Private Credit Strategies Brad Marshall convened at Bloomberg Invest 2026 for the most direct conversation available about what is actually happening with BDC redemptions, retail private credit flows, and the structural questions the current volatility has surfaced. Marshall disclosed that Blackstone's B-Cred vehicle exper