Can banks really compete with the big guns of private credit? Many are trying — but there are multiple constraints holding them back, from regulation all the way through to organizational structure and culture.

This is just one of the topics we discussed in our podcast with Eric Muller of Oak Hill Advisors, a seasoned veteran not just of the direct lending market but also of the banking industry.

Along the way, we quizzed him about increased regulatory scrutiny of private credit firms, the clampdown on tax-minimizing ‘season and sell’ structures, the quest for the $10bn unitranche, and the growing trend of private lenders taking the keys to struggling companies.