If Your Credit Relies on Growth, Avoiding Disruption, and IPO Exits, It Starts to Look a Lot Like Equity

Julie Segal speaks with Hamza Lemssouguer about the evolution of credit markets and the risks emerging in parts of private credit.They discuss how Europe’s fragmented system differs from the U.S., how the post-2022 shift in rates and liquidity is reshaping opportunities, and why some credit strategies are becoming more dependent on growth, capital markets access, and exit conditions.As Hamza explains that last point, “The true value of credit is that you're not relying on equity growth. If part of your credit portfolio, which is the big problem today, relies on growth, relies on AI disruption not happening… relies on the IPO market for exits, then that's too many conditions. And then those credit investments start to look a lot more like equity.”And that’s a problem.The conversation also explores whether emerging stress in private credit could create new opportunities for investors positioned to be flexible across public and private markets.Take a listen and email me with your thoughts and ideas at ⁠⁠[email protected]⁠⁠.