In this episode of The Credit Bubble, I sit down with Jake Bernstein, Vice President at Avenue Capital, to trace his path from Comerica to Oxford and now to Avenue’s growth lending platform. Jake explains how moving from a permanent balance sheet to a GP/LP fund model reshaped his approach to risk, structure, and upside.

We dive into Avenue’s underwriting in life sciences, what makes an attractive med device or biopharma opportunity, and why management experience is often the most critical factor. Jake also reflects on today’s tight equity markets, the role of private credit as “the most popular kid in school,” and how certain AI tools are changing portfolio management.