This month, we’re delighted to welcome Don Calcagni, Chief Investment Officer of Mercer Advisors, a full-service wealth management firm overseeing $90 billion in assets. Don leads the strategic direction of Mercer Advisors' investment platform, chairs the firm’s investment committee, and manages all investment-related communications. His expertise encompasses fiduciary oversight, economics, financial mathematics, portfolio management, and corporate finance.

In this episode, Don shares his five key strategies for building a fortress balance sheet for investors. He discusses what private wealth investors should look for when selecting a private capital manager, explores the three dimensions of diversification, and offers his perspective on headlines surrounding potential overvaluation in private credit. Don also provides insight into investor psychology amid changing interest rates—and reveals his biggest surprise for 2025.

This month, we're delighted to welcome Aaron Sack, Head of Morgan Stanley Capital Partners (MSCP), a leading middle market private equity platform specializing in privately negotiated equity investments throughout North America. With 29 years of industry experience, Aaron leads investment strategy, portfolio management, board service, fundraising, and chairs the MSCP investment committee.

In this episode, Aaron provides insight into the dynamic middle market private equity landscape, highlighting the importance of operational value creation and collaborative partnerships with founders and business owners. He shares how MSCP focuses on essential service sectors, fosters business growth, and navigates today’s market challenges, while emphasizing private equity’s essential role in empowering small and midsize companies. Aaron also offers guidance for young professionals considering a career in private equity.

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.

This month, we're pleased to welcome Francis Griffin, Senior Vice President in Callan's Alternatives Consulting Group. Callan is one of the largest independently owned investment consulting firms in the U.S., advising institutional investors with over $3 trillion in total assets. Francis leads Callan's private credit research efforts and brings more than 25 years of experience in private markets, spanning investment research, business development, and portfolio management.

In this episode, Francis shares his insights on how the current macroeconomic environment is impacting both private credit and private equity markets. We explore why he believes there's a compelling private credit opportunity emerging in Europe, discuss the key risks investors should be aware of in private credit investing, and dive into his framework for selecting quality private credit managers. Francis also offers practical guidance on what wealth investors should prioritize when evaluating private credit opportunities, and shares his outlook for this asset class over the next 12 months.

This month, we’re pleased to welcome Cameron Dawson, Chief Investment Officer at NewEdge Wealth, a division of NewEdge Capital Group. NewEdge Wealth provides tailored solutions for ultra-high-net-worth individuals, family offices, and institutional clients. As CIO, Cameron leads the development of the firm’s investment themes, strategies, and market outlooks.

In this episode, Cameron discusses the differences between retail and institutional clients, the key educational priorities for private wealth investors, and how the risk/reward dynamics of public credit (bonds and loans) compare with private credit. She also explores the challenges and opportunities private credit managers face in accessing the retail market, and shares valuable lessons and advice for those aspiring to build a career in this industry.

This month, we’re pleased to welcome Mark Zandi, Chief Economist at Moody's Analytics, a leading provider of economic research and analytical tools. Dr. Zandi oversees Moody’s Analytics' economic research and is a trusted advisor to policymakers, businesses, and the media. He is the author of Paying the Price and Financial Shock, - described by The New York Times as the “clearest guide” to the financial crisis - and also hosts the Inside Economics podcast.

In this episode, Mark shares his latest outlook on the U.S. economy, covering key themes such as tariffs, consumer spending trends, Fed rate cut expectations, and inflation pressures. He also discusses the rising recession risk and how evolving trade policies may impact the broader landscape. We then turn to private credit’s growing role in the financial system, Moody’s recent research on private credit systemic risk and the shift from a hub-and-spoke banking model to a more interconnected network post-GFC. To wrap up, Mark reflects on the biggest economic surprise of the year so far—and what unexpected developments might lie ahead.

This month, we’re pleased to welcome Mark Zandi, Chief Economist at Moody's Analytics, a leading provider of economic research and analytical tools. Dr. Zandi oversees Moody’s Analytics' economic research and is a trusted advisor to policymakers, businesses, and the media. He is the author of Paying the Price and Financial Shock, - described by The New York Times as the “clearest guide” to the financial crisis - and also hosts the Inside Economics podcast.

In this episode, Mark shares his latest outlook on the U.S. economy, covering key themes such as tariffs, consumer spending trends, Fed rate cut expectations, and inflation pressures. He also discusses the rising recession risk and how evolving trade policies may impact the broader landscape. We then turn to private credit’s growing role in the financial system, Moody’s recent research on private credit systemic risk and the shift from a hub-and-spoke banking model to a more interconnected network post-GFC. To wrap up, Mark reflects on the biggest economic surprise of the year so far—and what unexpected developments might lie ahead.

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.

This week, we’re pleased to welcome Jess Larsen, Founder & CEO of Briarcliffe Credit Partners - a premier placement agency exclusively focused on private credit. Briarcliffe specializes in fundraising services for established private credit strategies, helping firms navigate the evolving investment landscape. In our conversation, Jess shares his insights on what it takes to achieve a successful fundraise, highlighting the key criteria that distinguish top-performing GPs.

We also explore how investors are adapting to today’s economic uncertainty, including how LPs are adjusting their capital allocation strategies amid recession concerns. Finally, Jess introduces his concept of the “Six Wonders of Private Credit,” offering a unique perspective on the fundamental elements that drive success in this dynamic asset class.

This month, we’re pleased to welcome Bilal Hafeez, Founder and CEO of Macro Hive—a leading platform for global macro research and strategy serving both institutional and retail investors. Before launching Macro Hive, Bilal held senior roles at major financial institutions and has consistently been recognized as one of the top market strategists in the industry.

With rising geopolitical tensions and growing uncertainty around tariff policies, we’re eager to get Bilal’s take on policy volatility in a Trump 2.0 era. What is he seeing across the global landscape? How does he view the outlook for inflation and recession risks through 2025? What might we expect from the Fed’s interest rate policy, and how could these factors shape the broader capital markets? Most importantly, what should investors consider when positioning their portfolios—and are there sectors or strategies that could help mitigate these risks?