Private credit: Misguided fears and the real risks
Private credit recently hit the headlines for all the wrong reasons due to the collapse of First Brands and Tricolor. But these are not typical of private credit investments, argues Doug Clark.
Recent credit issues at First Brands and Tricolor have prompted alarmist headlines about private credit. Three main arguments are typically cited, firstly that these defaults signal a broader wave of credit losses, secondly that private credit’s lighter regulation poses systemic risk and thirdly, that lending standards have weakened. While each contains a kernel of truth, they largely miss where the real risks lie.
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