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The asset class has been booming for some time, but there are questions around how long that will last. In this podcast, David Golub, president of Golub Capital, discusses how private credit managers can thrive, even during uncertain market conditions.

Contrary to some assumptions, NAV financing is not all about private equity buyouts. Matt Hansford, head of Europe, portfolio finance at Barings, examines the broad and less known opportunity set.

NAV lending is a useful addition to investors’ toolkits, say Andrew Bellis and Patrick Lee of Partners Group.

Today’s market is characterised by optimisation by banks of their balance sheets in the face of changing capital and provisioning rules, with private credit stepping in to fill the gap, says Toni McDermott, credit and lending CIO at Arrow Global.

Greater specialisation will lead to an enhanced toolkit for operators in the market over the next five years, say Kate Sinclair and Katie McMenamin, partners in the fund finance group in Simpson Thacher & Bartlett’s London office.

Devi Aurora, managing director for financial institutions and alternative funds at S&P Global Ratings, provides insights into how the rating agency assesses NAV loans and subscription line facilities.

Transition finance is complementary to impact investing, say Tikehau Capital’s Vincent Lemaitre, head of ESG for private debt and tactical strategies, and Lindee Wong, director of climate and biodiversity.

Market players are increasingly recognising the advantages of pursuing hybrid credit strategies, say All Seas Capital co-founders Marc Ciancimino and Cristobal Cuart.

Thomas Duetoft, partner, senior portfolio manager and multi-strategy solutions lead at Pemberton Asset Management, highlights the factors driving more diverse investment opportunities for LPs.

Tech solutions are becoming increasingly sophisticated and can deliver the real-time reporting that private credit managers need to innovate throughout a fund’s lifecycle, says Kevin Hogan, group head of private credit at Aztec Group.