Private credit faces sharper scrutiny

The moderator raises concerns sparked by recent headlines including Tricala, First Brand, MFS, and AI disruption of software businesses. All three panellists respond to whether these events signal a broader reckoning for private credit or represent overblown reactions to idiosyncratic issues. Ben Ensminger-Law points to liquidity mismatches and a drift toward weaker underwriting. Marc Ganzi argues hard-asset lenders who stayed in their lane are unaffected and criticises the conflation of private wealth with permanent capital. Mike Paniwozik contextualises Apollo's minimal wealth exposure and notes that fraud, not irresponsible underwriting, drove the headline cases, while predicting that underwriting quality differentiation will become more apparent.