Private Credit at a crossroads?
Pathways
In this episode of Pathways, Daniel McCormack is joined by Harlan Cherniak, Head of Infrastructure Debt and Co‑Head of Private Credit in the Americas at Macquarie Asset Management, to explore what’s really happening in private credit markets. They discuss emerging stress in certain sectors — particularly software — alongside more resilient opportunities in real assets and infrastructure debt. The conversation covers AI-driven disruption, structural discipline in credit underwriting, defaults, BDC redemptions, and whether current market volatility points to systemic risk or a more orderly adjustment. The episode also examines why infrastructure credit may offer durability, defensiveness, and attractive risk‑adjusted returns in an increasingly uncertain macro environment.
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