Private Credit Isn't in Crisis. It's Going Through Its First Real Cycle

After fifteen years without a true credit cycle, an uptick in defaults across private and public credit markets is neither surprising nor a signal of structural failure. It is the market functioning as it should. Natalia Tsitoura of Apollo makes a measured and confident case for why the fundamental supply and demand dynamics that created private credit remain intact, and why the firms that will define the next decade are the ones willing to innovate on structure rather than rely on what worked in the last one. In conversation with Diala Minott of Paul Hastings, the discussion covers the capital needs still unmet across European infrastructure and energy transition, the investor education gap around semi-liquid evergreen structures, and why Apollo's view is that investment remains a judgment business where culture and experience, not data patterns alone, will determine who wins.