In this episode, we examine some headline-grabbing company failures such as First Brands, Tricolor and Carriox – and ponder what lessons and insights there might be for the private debt asset class.

While private debt exposure may have been relatively limited in these instances, can the asset class be confident that it has its own house in order? Jiri Krol of the Alternative Investment Management Association and Alternative Credit Council acknowledges there is stress in the system – but believes that stress may have already peaked and that, in general, private debt has once again demonstrated its resilience in tough times.

But Matthias Kirchgaessner of Plexus Research is not convinced that private debt is immune from concerns around troubled companies, with fierce competition among lenders meaning that some due diligence shortcuts may have been taken.