Tomasz Piskorski
speaker
35 appearances
2 recordings
1 series
first heard Feb 2026
last heard 2 Apr
Tomasz Piskorski’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in Apr 2026 with 1.
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They're primarily financed by equity put from limited partners.
Typically, these limited partners are institutional investors.
Think about pension funds, money managers, family office, university endowments.
But recently, there was also a push to bring more retail investors into private credit space.
Private credit funds are structured very differently.
They use long-term capital in the form of these equity investors.
So when there is a trouble, an investor wants to withdraw money, they cannot do it quickly.
It's not necessarily good for investors, but it increases the stability of the system because these funds do not have to liquidate the assets quickly.
And it links the potential of the run like the run on banks we've seen in 2023.
Private credit funds are much more conservatively structured.
65% to 70% of the capital comes from these limited partners, the equity holders.
And the banks, the traditional banking sector, has exposure to these private credit funds, but they only finance about 30% to 35% of the operations.
For a typical bank to suffer a loss on their private credit fund loan, the assets of these funds would have to decline 60%, 70%.
compared to only 10% for a regular bank.
So in other words, to put it in layman terms, the private credit funds just have much less debt use and much less leverage.
And leverage is an important propagator of financial crisis.
Regarding the private credit funds themselves, I would put it at four to five.
So I could imagine a situation when we have what I would call a valuation contagion.
The fact that these private credit funds will start seeing outflows of limited partners and equity investors from them
That could result in general perception that quality of credit in the entire market outside of private credit, too, is not great.
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