34. Direct Lending and the Evolution of Private Credit

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Investment Wars

Fountainhead Asset Management

35 episodes

7 hours ago

We all love stories - telling them and hearing them. We tend to construct narratives incorporating data points and information that reinforce our point - only capturing a part, and perhaps the wrong part, of the full story within the dynamic and complex investing world. How do we know if the narrative is right? How do we know how the story will end?

Subscribe to Investment Wars on YouTube, Apple Podcasts and Spotify to ensure you never miss an episode.

For guest opportunities or to share feedback, contact us at podcast@fountainheadam.com.

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IMPORTANT DISCLOSURE: Fountainhead sponsors the podcast to further education and critical thinking about the factors that effect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Fountainhead who have entered into an advisory agreement and with whom Fountainhead has identified individual objectives, risk tolerance, and other investment needs.

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34. Direct Lending and the Evolution of Private Credit

Investment Wars

50 minutes

1 month ago

34. Direct Lending and the Evolution of Private Credit

Debate: Direct Lending and the Evolution of Private Credit

Featuring: Alona Gornick, Managing Director & Senior Investment Strategist at Churchill Asset Management (an affiliate of Nuveen, the $1 trillion asset management arm of TIAA)

Alona Gornick joins Investment Wars to break down one of the fastest-growing corners of alternative investing: direct lending to private U.S. companies. In a wide-ranging conversation, she explores the history of private credit, how regulation and bank consolidation created opportunity for asset managers, and why institutions and now individual investors are turning to the space for income, diversification, and resilience. From the role of private equity sponsors to the rise of retail-friendly structures, this episode demystifies a complex but increasingly essential part of the investment landscape.

In today’s episode, we explore:

The growth of private credit from niche strategy to a $2 trillion market
How bank consolidation and post-GFC regulation opened the door for asset managers
Why institutions embraced private credit for yield, diversification, and inflation protection
The five key features of direct lending: income, floating-rate inflation hedge, diversification, low volatility, and resilience
Concerns around “too much capital chasing deals”—and why demand still outstrips supply
The rise of retail access via non-traded BDCs, interval funds, and innovative structures
Why manager selection, track record in avoiding losses, and sourcing advantage are critical for investors

Subscribe to Investment Wars on YouTube, Apple Podcasts, and Spotify to ensure you never miss an episode.

For guest opportunities or to share feedback, contact us at podcast@fountainheadam.com.

—

IMPORTANT DISCLOSURE: Fountainhead sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Fountainhead who have entered into an advisory agreement and with whom Fountainhead has identified individual objectives, risk tolerance, and other investment needs.