This month, we’re pleased to welcome Richard Miller, Group Managing Director and Chief Investment Officer of TCW Private Credit Group, which specializes in providing senior secured loans to U.S. middle market borrowers. With more than 30 years of capital markets experience, Rick leads TCW’s private credit investment strategy and portfolio construction, and has been recognized on the Institutional Investor “All American High Yield Research Team” for six consecutive years.

In this episode, Rick addresses some of the most pressing questions facing U.S. middle market direct lending amid ongoing macro uncertainty: Is the opportunity still as attractive as in years past? Is too much money chasing too few deals? Are spreads compressing as interest rates fall, and how real are risks like defaults and losses in private credit? Rick also shares the year's biggest surprises, his outlook for the future, and practical advice for those considering a career in this dynamic sector.