What’s actually breaking in private credit—and what isn’t?
Sonali Basak, Chief Investment Strategist at iCapital, is joined by Vivek Bantwal, Co‑Head of Private Credit at Goldman Sachs, to unpack a market where selectivity is returning. Bantwal explains why this moment is revealing a clear divide—between strong and weak borrowers, and between managers who underwrote for downside risk and those who didn’t.
The conversation moves from there into what’s behind recent volatility. Bantwal separates technical pressures from fundamentals and explains how redemptions and capital flows are stress-testing the market in real time. His core argument is that this isn’t a breakdown, but a shift to a world where discipline and underwriting quality are increasingly defining outcomes for investors.
