This month, we welcome Marcel Schindler, Partner and Head of Private Debt at StepStone Group, a global private markets investment firm offering customized investment solutions, advisory, and data services. Marcel leads StepStone’s global private debt platform and is actively involved in both investment and management initiatives.

In our conversation, Marcel shares his outlook on the macro environment and why he believes the market reaction to tariffs has been more muted than expected. He walks us through StepStone’s analysis of 1,500 private credit deals across various scenarios and discusses key takeaways. We also explore the Fed’s rate path, how LPs are adjusting allocations in a low-growth world, and the growing sophistication of private credit strategies—from CLOs and secondaries to NAV-based lending.