Rakesh Jain

speaker

327 appearances 1 recordings 1 series first heard Jan 2026 last heard 23 Jan

Rakesh Jain’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jan 2026 with 1.

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How I Invest with David Weisburd · E289: The Evolution of Private Credit and What Comes Next · 23 Jan 2026 podcast

And I think how GPs are incented around their portfolios to deliver performance to clients is changing a lot.

There's a lot of consolidation going on in the market as well.

And who is aligned against your capital, I think is an important consideration always.

But I think it's an even bigger risk today than it's ever been over the last 10 years.

there's a lot of angst about private credit, but they don't realize, and there's a lot of worry around competition.

But I think for a lot of things to negatively impact private credit, a lot of other things have to go wrong in other asset classes.

So we as credit investors always talk about the fact that if you're worried about credit impairments, you have to think about equity impairments first.

So being first dollar at risk in many businesses is,

fundamentally means that you are not in a first loss position, someone else is.

So if you really are going to think through challenges in credit, you really have to think through challenges in other parts of your book as well.

So we often see investors that are very heavily in the private equity business or heavily in equity, and they're really wringing their hands around private credit, but not understanding completely some of the connectivity in that relationship.

The other thing that I think is also maybe misunderstood is just this concept of risk adjusted return in private credit.

I think it's unique to the asset class because there are many different ways to get a 9% return, a 10% return or a 15% return in private credit.

Most equity investors, as an example, think about multiple of capital.

They think about the specific industry exposures or style of deals that they're involved in.

In private credit, because of the use of structure and leverage and different forms of duration and cashflow profiles, I think the risk adjusted nature of how you invest is really important, right?

If you can get a levered 15% return lots of different ways, but the risks involved in getting that 15% could be markedly different.

So I think

Those two facts, I think, are probably kind of key things to think about in private credit for the skeptics anyway.

It probably wasn't a complete surprise, but what surprised me is

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