This episode is presented by 9fin. The AI-native platform for modern credit teams.

Head to https://www.9fin.com/demo to request a 30-minute personalised demonstration.

Tod Trabocco, Head of Private Debt Advisory, StepStone Private Debt - https://www.linkedin.com/in/tod-trabocco-cfa-9a122a/

Nino Nicotra, Director - Private Capital Markets, Kroll - https://www.linkedin.com/in/nino-nicotra-5906515/

Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

https://linktr.ee/thecreditclubhousepodcast

This episode is presented by 9fin. The AI-native platform for modern credit teams.

Head to https://www.9fin.com/demo to request a 30-minute personalised demonstration.

00:00 – Welcome to the Credit Clubhouse, show setup, and listener promotion.

02:45 – Background on Patrick Turner and the firm’s history in structured capital.

05:30 – What structured capital means in practice and how it differs from traditional lending.

08:15 – How the market has developed and where structured solutions fit.

11:00 – Why flexible capital solutions are increasingly important for sponsors.

13:45 – Use Cases & Deal Structures

16:30 – How VSS approaches underwriting, risk, and capital preservation.

19:15 – Discussion of today’s credit conditions, volatility, and opportunity set.

22:00 – Investor Demand & Capital Flows

25:30 – Outlook for Structured Capital & Closing Thoughts

Patrick Turner, Partner and Senior Managing Director, VSS Capital Partners - https://www.linkedin.com/in/patrick-turner-1331b91a/

Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

https://linktr.ee/thecreditclubhousepodcast

This episode is presented by 9fin. The AI-native platform for modern credit teams.

Head to https://www.9fin.com/demo to request a 30-minute personalised demonstration.

00:00 - The Credit Clubhouse: Welcome and Clark Briner Introduction

01:55 - Founding Revere Capital: Addressing Lower Middle Market Gaps

05:07 - The Evolving Definition of the Lower Middle Market

06:45 - Lessons from 20 Years: Structure Matters in Lending

08:14 - Revere Capital's Discipline: Avoiding Style Drift

09:54 - Navigating Liquidity, Duration, and LP Education Gaps

12:50 - Exploring Mispriced Opportunities in Specialty Finance

14:16 - Prioritizing Structural Alpha Over Cyclical Opportunities

15:17 - Understanding Direct Lending's Impact on Asset-Backed Finance

17:29 - LP Shift to Risk and Credit Market Convergence

19:47 - Leveraging Data and AI for Scaling Credit Platforms

22:54 - Investment Pitfalls: Avoiding Market Bailout Reliance

24:17 - Hobby, Superpower, and a Must-Read Negotiation Book

25:59 - The Significant Economic Impact of Non-Bank Lenders

27:25 - Clark Briner's Prediction for the Next 12 Months

28:17 - Thank You for Listening to The Credit Clubhouse

Clark Briner, Founder & Principal - https://www.linkedin.com/in/clarkbriner/

Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

https://linktr.ee/thecreditclubhousepodcast

This episode is presented by 9fin. The AI-native platform for modern credit teams.

Head to https://www.9fin.com/demo to request a 30-minute personalised demonstration.

00:00:11 – Welcome to the Credit Clubhouse with Yann Robard

00:00:46 – Yann’s Journey: From CPPIB to Founding Dawson Partners

00:02:05 – The Idea Behind Dawson: Better Liquidity Solutions for Private Equity

00:03:54 – Dawson Today & How Private Markets Have Evolved

00:04:18 – Dawson’s Four Pillars: Tech, Innovation, Scale & Culture

00:08:36 – Maintaining Culture While Scaling to 250 People

00:14:09 – Private Equity Outlook: Performance, Challenges & Governance Edge

00:21:52 – Private Equity vs Private Credit & The Rise of Secondaries

00:28:56 – GP-Led Continuation Vehicles & Future of Secondaries

00:34:31 – Fun Wrap-Up: Hobbies, Surprises & Biggest Opportunities Ahead

Yann Robard. Managing Partner at Dawson Partners - https://www.linkedin.com/in/yann-robard-84b07b109/

Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

https://linktr.ee/thecreditclubhousepodcast

This episode is presented by 9fin. The AI-native platform for modern credit teams.

Head to https://www.9fin.com/demo to request a 30-minute personalised demonstration.

00:00 - Kicking Off: Welcome to The Credit Clubhouse & Sponsor Messages

01:31 - Russell Corn on Founding Fulcrum Diligence and Objective Research

05:38 - James Devey Details the Patrick James First Brands Investigation

13:28 - Why Private Credit Funds Miss Red Flags in Due Diligence

20:03 - Balancing Privacy and Transparency in Commercial Dealings

26:43 - Why Traditional Due Diligence Often Fails to Uncover Fraud

35:44 - The Double-Edged Sword of AI in Due Diligence Investigations

41:59 - How Uncovering Fraud Shapes Private Credit Markets

44:25 - Guests Share Personal Insights and Final Predictions

Russell Corn, CEO, Fulcrum Diligence - https://www.linkedin.com/in/russell-c-2b6218b/

James Devey, Senior Analyst, Fulcrum Diligence - https://www.linkedin.com/in/james-devey-42a879252/

Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

https://linktr.ee/thecreditclubhousepodcast

This episode is presented by 9fin. The AI-native platform for modern credit teams.

Head to https://www.9fin.com/demo to request a 30-minute personalised demonstration.

00:00 - Introducing David Robbins and StepStone Group's Role

02:44 - Separating Signal from Noise in Private Credit Headlines

05:10 - Why Private Credit's Growth Attracts Scrutiny

07:27 - The Push for Retail Access to Private Markets

10:13 - Assessing Risk and Volatility in Private Credit

13:31 - How Asset Managers Address Private Credit Critiques

16:31 - Diversifying Beyond Sector in Private Credit Portfolios

21:12 - Distinguishing Macro Trends from Media Sensationalism

25:22 - The Critical Role of Education in Private Markets

29:59 - David Robbins' Personal Insights and Predictions

32:31 - Closing Remarks and Deal Catalyst Information

David Robbins, Director, StepStone Group - https://www.linkedin.com/in/davidarobbins1/

Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

https://linktr.ee/thecreditclubhousepodcast

This episode is presented by 9fin. The AI-native platform for modern credit teams.

Head to https://www.9fin.com/demo to request a 30-minute personalised demonstration.

00:00 - Welcome to the Clubhouse: Special Offers & Sponsor

01:31 - Unpacking the 'No Good, Very Bad Week' for Direct Lending

04:34 - Understanding Redemption Requests and the Investor Education Gap

08:47 - AI's Unknown Impact and JP Morgan's Lending Restrictions

11:40 - Navigating Fraud, Strong Returns, and Retail Investor Influx

16:00 - Apollo's Daily NAV Push and Declining Retail Inflows

19:57 - Future Outlook for Direct Lending and Institutional Confidence

24:41 - The Broader Private Credit Market & Upcoming Events

Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

https://linktr.ee/thecreditclubhousepodcast

This episode is presented by 9fin. The AI-native platform for modern credit teams.

Head to https://www.9fin.com/demo to request a 30-minute personalised demonstration.

00:00 - The Credit Clubhouse: Episode Introduction and Sponsor Spotlight

01:31 - Joel Holsinger Defines Asset-Based Finance at Ares

02:16 - Joel Holsinger's Core Definition of Asset-Based Finance

03:18 - Key Drivers Behind Asset-Based Finance's Institutional Embrace

06:44 - Attracting LPs: Insurance and Non-Insurance Capital in ABF

10:20 - Trade-offs Between Captive and Flexible Investment Approaches

12:57 - Good and Bad Innovations in Fund Structures and Market Risks

18:16 - Viewing Fund Finance as a Sub-Segment of Asset-Based Finance

22:15 - The Expansion of NAV Lending and Secondary Market Liquidity

26:11 - Why Markets Are More Resilient: Less Systematic Risk Today

32:09 - Joel Holsinger's Personal Journey to Promote Giving

35:31 - Ares' Initiative: Compounding Purpose Through Philanthropy

40:05 - Joel Holsinger's Sports, Hobbies, and Life Philosophy

42:28 - Market Prediction and Strong Skepticism on Cryptocurrency Value

45:29 - Thank You for Listening to The Credit Clubhouse Podcast

Joel Holsinger, Co-Head of Ares Alternative Credit, Ares Management - https://www.linkedin.com/in/joel-holsinger-0739a74/

Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

https://linktr.ee/thecreditclubhousepodcast

This episode is presented by 9fin. The AI-native platform for modern credit teams.

Head to https://www.9fin.com/demo to request a 30-minute personalised demonstration.

00:00 - Welcome, Sponsor Message, and Guest Introduction

01:58 - Värde's ABF Evolution, Verticals, and Middle Market Focus

06:53 - Identifying Compelling Segments and Sourcing ABF Opportunities

09:35 - Fund Finance: Rapid Evolution to Standalone Sector

13:15 - Data Science to Avoid ABF Pitfalls and Fraud

18:37 - Blending of Bank and Non-Bank Fund Finance

23:22 - LP Adoption, Questions, and Current ABF Trends

27:47 - Missy Dolski's Rapid Fire Insights and Personal Favorites

31:13 - Thank You for Listening to The Credit Clubhouse

Missy Dolski, Partner and Global Head of ABF, Värde Partners - https://www.linkedin.com/in/missydolski/

Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

This episode is presented by 9fin. The AI-native platform for modern credit teams.

Head to https://www.9fin.com/demo to request a 30-minute personalised demonstration.

00:00 - Introduction to the Episode and Key Sponsor Announcements

01:31 - Navigating the Competitive Direct Lending Market Landscape

03:44 - Private Equity's Role and Segmenting Credit Markets

06:20 - Private Credit's Growing Share and Transparency Evolution

08:43 - The Future of Data Transparency in Private Credit

12:42 - Analyzing Sector Volatility and AI's Economic Effects

18:03 - Covenant Trends and Cyclicality in Credit Market Docs

23:42 - Identifying Key Risks and Macroeconomic Influences

30:51 - Guidance for New Private Credit Investors and Fund Structures

34:41 - Exploring New Avenues in Alternative Finance Strategies

36:52 - Practical Insights from Challenging Credit Investments

41:12 - Rapid Fire Questions and a Bullish Market Forecast

45:35 - Wrapping Up the Discussion and Podcast Outro

Michael Haynes, Head of Private Credit, Beach Point Capital Management - https://www.linkedin.com/in/michael-haynes-9550b295/

Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/