Ep. 129 | Private Credit Panic? Separating Headlines from Reality in 2026

Private credit is everywhere right now, and so are the headlines calling for its collapse.From redemption restrictions to rising delinquencies, investors are starting to ask: Is this the next financial crisis?In Episode 129, Ryan and Neil break down what’s actually happening inside the private credit market. They dive into the rise of “buy now, pay later,” why some funds are gating withdrawals, and where the real risks (and opportunities) lie, especially for Canadian investors.This episode cuts through the noise and gives you a clear, grounded perspective on whether private credit is truly in trouble… or just going through a normal cycle.Show Notes:00:00:00 – Why private credit is dominating headlines right now00:01:03 – Episode intro + light start (Tim Hortons debate)00:04:09 – The big question: Is private credit actually in trouble?00:06:04 – What private credit really is (simple breakdown)00:06:48 – The rise of “Buy Now, Pay Later” and why it matters00:08:54 – Market size explained ($2–3 trillion global industry)00:10:28 – What’s changed: delinquencies, redemptions, and pressure building00:12:00 – Major funds restricting withdrawals (Blackstone, Apollo, etc.)00:15:17 – Real-world returns vs. projected returns in private credit00:17:43 – The hidden risk: fund-of-funds and layered leverage00:19:15 – Why liquidity is the biggest issue in private credit00:20:15 – What “gating” means and why it scares investors00:23:01 – Crash vs correction: what’s actually happening00:24:15 – Consumer pressure, inflation, and the breaking point00:25:16 – Why this isn’t another 2008-style crisis00:27:25 – The overlooked risk: auto loans and consumer debt00:28:48 – Keystone’s strategy and risk positioning00:33:03 – Mortgage delinquency reality check in Canada00:35:04 – Final take: normalization, not collapseResources:Keystone Capital GroupCPLP Instagram: @cplpodcastKeystone Instagram: @keycapgroupFind Neal On:Instagram: @neal.andreinoLinkedIn: Neal AndreinoFind Ryan on:LinkedIn: Ryan MacNeilE-mail: [email protected]