🎙 Guest: Theodore Shou, CIO, Skybound Capital
🎙 Host: Alvin Fan, CEO, OPIM

$400M fraud exposed a major bank’s private credit vulnerabilities. Theodore Shou, CIO at Skybound Capital, unpacks the complex structures and risks — and how astute investors are using them for better visibility, middle-market control, and high-conviction alpha in AI and China’s robotification surge.

Grasping origination pipelines, US-China differences, and selective evergreen plays provides the insight edge most miss. Essential viewing for private credit.

00:00 – Intro & Private Credit Access Problem
03:45 – Why Large Tickets Don’t Give Real Visibility
06:20 – HSBC’s $400M Fraud Case & Indirect Exposure
09:50 – How Banks Are Now Originating Deals for Private Credit Managers
13:40 – Post-GFC Regulations & The Shift in Banking
17:50 – US vs China Private Credit Models Explained
22:10 – Evergreen Funds & Redemption Gates
26:30 – Why HNW Investors React More Strongly to Gates
30:40 – Is Private Credit Facing Systemic Risk?
34:20 – Current Risks in SaaS & Software Exposures
38:10 – Market Views: AI FOMO & Public Equities Rotation
42:50 – AI Investment Thesis: Applications Over Infrastructure
47:30 – China’s Robotification & Latecomer Advantage
51:40 – Where Real Opportunities Lie in AI
55:20 – Geopolitics, Local Perspectives & Investment Bias
59:10 – Career Advice & What Young People Should Focus On
1:03:40 – Final Thoughts & Key Takeaways

📅 Recorded in May 2026

FOR INFORMATIONAL PURPOSES ONLY

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