The recent sell-off in software has sparked a broader reassessment of risk across private credit. But are managers pulling back from risk, or just recalibrating how they price it?

In this episode of Cloud 9fin, private credit reporter Anna Russi sits down with Patrick Warren, head of private credit research at MSCI, to unpack what’s driving the shift. Drawing on new data, they explore where signs of stress are emerging in software lending and venture debt, how valuation marks could be masking underlying pressures, and what this reveals about risk, performance, and portfolio assumptions in today’s market.

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