Join us at the SuperReturn International conference as we dive deep into the world of private credit with Matthew Harvey, Head of Direct Lending for PGIM, on The Savvy Capital Show. In this insightful interview, Harvey discusses the impact of tariff volatility on the shift from bank syndicates to private credit. He explains the new covenant packages and policy risk adjusters being implemented to protect lenders. Harvey also shares his perspective on the least crowded niches in private credit, the opportunities within cash flow-based direct lending, and the potential in lending to software businesses with strong ARR but weaker EBITDA. Don't miss his thoughts on the appeal of mid-market credit, the Australian market, and the role of AI in early warning systems for loan monitoring.

00:00 Introduction and Welcome

00:08 Impact of Geopolitics on Private Credit

00:16 Covenant Packages and Policy Risk Adjusters

00:30 Volatility and Private Credit Value

00:46 Protection Standpoint in Private Credit

01:47 Least Crowded Niches in Private Credit

02:13 Opportunities in Non-Sponsored Companies

03:06 Lending to Software Businesses

04:44 Under-Tapped Opportunities in Mid-Market Credit

06:10 Australia's Direct Lending Market

07:15 AI in Loan Scoring and Early Warning Signals

07:46 Key Indicators for Exiting or Repricing Deals

08:24 Importance of Direct Engagement with Issuers

09:15 Conclusion and Final Thoughts