Paul Greaves and co‑host Kunal Kamal sit down with Tod Trabacco, Head of Private Debt Advisory at StepStone Group, to unpack how private credit is reshaping pensions, infrastructure finance and the drivers of municipal credit strength.

Tod explains how major public pensions structure private credit portfolios, the risks they focus on, and how liquidity dynamics influence performance. He connects those forces directly to contribution volatility — the core variable that ultimately shapes municipal credit — giving listeners a clear, practical view into how the fastest‑growing asset class in pensions really works.

The discussion then turns to the rapid rise of private financing across transportation, essential infrastructure and real‑asset credit. Drawing on a global allocator’s perspective, Tod outlines what’s behind this shift, how private credit is competing with traditional financing sources, and what it means for the future of large‑scale infrastructure investment.