First Eagle's Holzenthaler says credit picture will get brighter with rate cuts

Larry Holzenthaler, Portfolio Manager for First Eagle Alternative Credit — part of the team running First Eagle Credit Opportunities fund — gives his outlook for credit markets in 2025, noting that after avoiding default troubles when rates were rising, it should be stronger now, with paper being particularly strong in private credit. Holzenthaler further explained why private credit benefits from the interval fund structure and discussed how liquidity and valuations are shaping up in private credit now.