Private credit markets are entering a more complex phase of the cycle as refinancing pressure; market volatility and liquidity concerns intensify across the broader credit ecosystem. Recent 2026 market developments, including rising redemption pressure in semi-liquid vehicles, increased regulatory scrutiny around insurer and bank exposure, and growing concerns around private credit liquidity mismatches are accelerating debate around how interconnected public and private credit markets have become.   

This keynote will examine the macroeconomic and structural forces reshaping global credit markets and explore how convergence is changing liquidity dynamics, capital allocation and market structure across the industry. The speaker will share perspectives on how firms should prepare a more interconnected credit environment as private credit becomes an increasingly influential component of the global financial system.  

Growing concerns around refinancing pressure, covenant quality and liquidity constraints in private credit are intensifying debate around whether stress in private markets could begin to influence pricing and risk conditions across public credit. As linkages between both markets continue to deepen, investors are increasingly assessing how potential spillover effects could reshape portfolio construction and capital allocation decisions. 

Evergreen private credit vehicles are becoming a central component of firms' long-term distribution and capital formation strategies. As investor demand shifts towards solutions that combine public and private market exposures, managers are increasingly developing evergreen structures that balance liquidity, diversification and income generation within a single product.

Asset-backed finance is becoming an increasingly important component of private credit portfolios as investors look to access more specialised and differentiated credit opportunities. However, scaling these strategies is creating new challenges around underwriting complexity, collateral monitoring, operational infrastructure and non-standardised data across highly fragmented asset classes.   

This session will examine how firms are building scalable asset-backed finance platforms across the evolving public and private credit ecosystem. The speaker will share how investors can strengthen underwriting frameworks, improve portfolio oversight and manage operational complexity while using asset-backed finance to diversify portfolios and expand long-term credit opportunities.   

As competition across traditional direct lending intensifies, investors are increasingly turning to structured credit, asset-backed finance and specialty lending to access differentiated returns, diversification and more resilient income streams across public and private markets. 

This session will explore where investors see the most attractive opportunities across structured and asset-backed credit, how they are assessing relative value across liquid and illiquid markets, and how stronger underwriting and portfolio oversight can support better risk-adjusted returns in a more complex credit environment.