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

What problem are you really solving?

And then figuring out the different elements along the way to make it make it achievable.

Absolutely.

So I think what we realized a long time ago was that the credit markets on a primary basis had gotten so large, call it around $1.7, $1.8 trillion in size, with so many different types of investors, whether they're institutional investors,

insurance and pension to high net worth to family offices and the like, plus the immense number of managers that had been created over the last decade.

When you have a lot of managers with a lot of vehicles, a lot of investors and a lot of capital, you fundamentally need the ability to tactically reallocate and rebalance those exposures if you're a holder of those exposures.

And we as Pantheon saw this

in other asset classes like private equity 35 years ago and infrastructure, you know, 15 to 20 years ago.

Each of these private markets asset classes have varying degrees of liquidity and duration.

And we realized that private credit didn't have that.

And the real big bang moment was when we, again, back in 2018, created this fund focused on Europe initially for credit secondaries with the right cost of capital and the right go to market.

That really created the impetus for this market and where we are today.

So we looked at client innovation initiatives.

in that regard, and then figured out that's how we need to address the market needs for liquidity.

There's a lot of different value drivers in credit secondaries.

You've alluded to this correctly, which is we're trying to figure out what the asset is worth and what kind of risk-adjusted return are we getting on that asset.

So...

The way we think about credit secondaries is you're providing a liquidity solution.

There's a cost related to that.

That cost in the form of a discount and potentially portfolio selection helps cushion you against some level of expected loss that will manifest itself in those portfolios over time.

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