116. What is Private Credit? | Direct Lending Explained

The Wall Street Skinny

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In this episode of The Wall Street Skinny, we dive deeper into the world of private credit with our exceptional guest, Alona Gornick. Alona, a senior investment strategist and managing director at Churchill Asset Management, shares her invaluable insights on the evolving landscape of direct lending, the intricate structure of private credit deals, and why this asset class continues to grow in prominence.
With a career background in investment banking (specifically the gaming sector), high yield bond investing and private credit, Alona demystifies the complex factors that differentiate private credit from conventional bank financing, offering listeners a comprehensive overview of the risks, rewards, and strategies required for success in this high-stakes arena.

The discussion also covers the critical considerations private equity firms must weigh when choosing between traditional financing methods and direct lending, including efficiency, certainty of execution, and incremental financing. Alona illuminates the life cycle of these investments, their repayment timelines, and how firms like Churchill Asset Management navigate repayments and refinancing events in an ever-changing market. Whether you're a seasoned investor or new to the field, this episode offers a treasure trove of knowledge on one of today’s most dynamic and lucrative sectors within the finance industry.

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