Private credit has been one of the fastest-growing corners of the investment world, but recent stress points—including major funds gating redemptions, have raised fresh questions about the asset class. In this iM Global Partner webinar, Ben Pakenham, lead manager of Polen Capital’s European high-yield team, and David Levine, senior investment specialist for Leveraged Finance, join host Greg Clarkson to compare private credit and direct lending against public credit markets. The discussion unpacks the risks building in private debt and leveraged loans, the impact of AI-driven software sector stress on BDC portfolios, rising default rate expectations, and why the disappearing illiquidity premium is prompting investors to head for the exits. Ben and David also examine bank exposure to private credit, mark-to-model valuation concerns, and whether today’s environment echoes the 2008 financial crisis. Watch the full conversation for an expert perspective on where the real opportunities and threats lie across high-yield bonds, leveraged loans, and direct lending today.