Public and private credit converge

An audience question prompts a discussion on whether private credit is growing faster than public credit or both are expanding together. Marc Ganzi traces the history of private credit from post-dot-com recovery to today, noting LP allocation shifts away from private equity and real estate toward private credit and infrastructure. Ben Ensminger-Law highlights the increasing convergence of public and private credit markets. Mike Paniwozik describes Apollo's principal balance sheet approach as a reversion to merchant banking and outlines efforts to create more liquid public markets around private credit assets.