The Bridge by iCapital

Has the Fed entered a new era? 

In Episode 25 of The Bridge, host Sonali Basak, Chief Investment Strategist at iCapital, sits down with Stephen Miran, senior strategist at Hudson Bay Capital Management and former Federal Reserve Governor, to unpack the forces reshaping markets today. 

They explore why rising Treasury yields may reflect stronger growth expectations rather than inflation fears, how changing Fed dynamics are contributing to market volatility, and why commonly cited inflation measures may not tell the full story. The conversation also examines housing affordability, supply constraints, global trade shifts, and what investors should watch as governments, central banks, and businesses navigate a rapidly evolving economic landscape. 

Recorded on 10/7/26

AI is creating one of the largest financing cycles in modern market history. Who's going to pay for it? 

Amanda Lynam, chief credit strategist at Goldman Sachs, joins Sonali Basak to discuss how a multi-year, trillion-dollar AI buildout is reshaping public and private credit markets. Together, they explore where AI financing is coming from, why hyperscalers are only part of the story, and how investors are evaluating opportunities across data centers, chip financing, and related infrastructure. 

Lynam explains why the biggest challenge may not be access to capital, but determining where and how to take AI exposure. She also discusses why companies are issuing debt proactively, how project finance has emerged as a new segment of the credit market almost overnight, and why private markets may play an even larger role in financing AI in the years ahead. 

In Amanda's view, the financing needs related to AI are likely to extend far beyond traditional public markets: the risk to buildout may be underinvesting, not overinvesting. 

This episode was recorded on 9/25/26.

Everyone is talking about AI. But can the economics keep up with the hype?

Torsten Slok, chief economist at Apollo Global Management, joins Sonali Basak to discuss how AI is reshaping markets, corporate spending, entrepreneurship, and the broader economy.

As higher interest rates force investors to focus on revenue, profits, and cash flow, Slok argues that the key question is no longer whether demand for AI exists, but whether companies can generate returns that justify the unprecedented capital being deployed.

Key topics include:

His central message: as AI spending shapes changing interest rates, it is becoming one of the most important forces shaping markets and the broader economy.

Everyone is talking about AI. But who is actually capturing the value?

Holden Spaht, Managing Partner at Thoma Bravo, joins Sonali Basak to discuss why enterprise software may emerge stronger, not weaker, in the age of AI. Rather than a "SaaS apocalypse," Spaht argues that AI's impacts have been counterintuitive, producing meaningful software investments and huge opportunities for companies with deep domain knowledge.

As the conversation around AI spending shifts from adoption to ROI, Spaht believes that proprietary data and years of customer context will become increasingly important competitive advantages. Enterprise software companies are evolving into intelligence platforms that support, rather than replace, the last mile of decision-making; Spaht believes the most successful companies will prioritize outcomes over technical sophistication for its own sake.

His central message: the biggest beneficiaries of AI may not be the newest entrants, but the companies with the deepest customer relationships, strongest domain expertise, and most valuable data.

Private credit was one of the defining investment stories of 2026.

In this special compilation episode of The Bridge, Sonali Basak brings together insights from some of the industry's leading investors to explore the year's biggest debates, from liquidity concerns and credit fundamentals to manager selection, valuations, and underwriting discipline.

Featuring insights from:

Jack Neumark, Co-CEO & Managing Partner, Fortress Investment Group

Victor Khosla, Founder & CIO, Strategic Value Partners

Steve Tananbaum, Founding Partner & CIO, GoldenTree Asset Management

Vivek Bantwal, Co-Head of Private Credit, Goldman Sachs Alternatives

Mathieu Chabran, Co-Founder, Tikehau Capital

David Manlowe, CEO, Benefit Street Partners

Sam Williams, Managing Director, iCapital

The conversation examines why dispersion is creating greater differentiation across private credit, why many investors saw healthier fundamentals than market narratives suggested, and why understanding differences across strategies and structures has become more important than ever.

The central message: private credit may be entering a more disciplined phase, one where manager selection, underwriting quality, and a deeper understanding of risk will be the key differentiators.

Khalil Hibri, co-Founder of Tangible Markets, joins Sonali Basak to discuss how investors are increasingly using secondaries for portfolio management, price discovery, and capital allocation decisions. Together, they explore why liquidity solutions are expanding across private markets, what current pricing trends reveal about investor sentiment, and how specialized buyers are reshaping the market.   

Hibri explains that secondary pricing is often more efficient than investors assume, and private credit is continuing to attract strong demand despite negative headlines. Platforms like Tangible Markets are an increasingly significant tool for price discovery — at this point, nearly 40% of investors who explore a secondary sale ultimately decide not to transact.  

His central message: as secondary markets and lending solutions mature, private market investors may have more flexibility than ever before.

Could the best way to invest in AI actually be the boring one?

Mike Dorrell, Chairman & CEO of Stonepeak, joins Sonali Basak to discuss why the firm prefers investing in the infrastructure behind AI rather than the technology itself. Together, they explore the surge in data center demand, why power has become one of the industry's biggest constraints, and where infrastructure investors are finding opportunity across digital, energy, and transportation.  

Dorrell explains why digital infrastructure has become one of the market's hottest trades, and where he sees pockets of overvaluation, why the grid could be one of the most compelling ways to gain exposure to both AI and the energy transition, and how infrastructure investors are positioning around major long-term trends without having to predict technology winners.  

His central message: the most durable opportunities around AI may not come from the technology itself, but from the infrastructure that makes it possible.

What happens when AI changes work faster than businesses can adapt?

Sonali Basak, Chief Investment Strategist at iCapital, sits down with Ronnie Chatterji, Chief Economist at OpenAI, to discuss how AI is reshaping the workforce, why jobs may be changing faster than they're disappearing, and what it will take for workers and companies to keep up. Together, they explore the rise of AI agents, the growing gap between AI leaders and laggards, and whether AI can become a meaningful driver of economic growth.

Chatterji explains why retraining may matter more than automation, why human judgment and relationships could become even more valuable in an AI-driven economy, and why traditional measures of productivity may be missing much of AI's impact.  

His central message: AI's biggest impact will not be replacing people but creating new kinds of work we've never considered.

What happens when AI changes the rules of lending?

Sonali Basak, Chief Investment Strategist at iCapital, sits down with David Manlowe, CEO of Benefit Street Partners, to discuss why private credit may be moving beyond its golden age of broad outperformance and into a period where manager selection is increasingly critical.

Manlowe explains how AI is reshaping credit markets, why software exposure has become one of the biggest differentiators among private credit managers, and why the refinancing wave beginning in 2027 could become a defining test for loans originated during the market boom.

His central message is that private credit's next chapter will be shaped less by the asset class itself and more by how investors navigate changing business models, evolving valuations, and a differentiated lending environment.

What happens when strong performance starts to look a little too easy?

Sonali Basak, Chief Investment Strategist at iCapital, sits down with Greg Bond, Chief Investment Officer of Man Group, to discuss what is driving the strength of quantitative hedge funds, where hidden risks may be building, and how AI is changing the way investors conduct research and prepare for market shocks.

Bond explains why investors should look beyond headline returns and pay closer attention to the unexpected connections emerging across investment strategies and multi-strategy platforms. He also shares how AI is transforming research, uncovering new sources of diversification, and creating entirely new ways to stress-test portfolios through simulated market environments.

His central message: AI can expand what investors can see, test, and anticipate, but it cannot replace the experience and judgment required to understand what is really driving returns.