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.

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.