The Bridge by iCapital

Everyone is talking about AI. But can the economics keep up with the hype?
 
Torsten Slok, chief economist at Apollo Global Management, joins Sonali Basak to discuss how AI is reshaping markets, corporate spending, entrepreneurship, and the broader economy.
 
As higher interest rates force investors to focus on revenue, profits, and cash flow, Slok argues that the key question is no longer whether demand for AI exists, but whether companies can generate returns that justify the unprecedented capital being deployed.
 
Key topics include:
Why AI exposure extends far beyond technology stocks, including into fixed income
How higher-for-longer rates are complicating the AI trade
Why the next AI winners may be adopters, not builders
The bullish case for AI's impact on jobs and entrepreneurship
Why manager selection matters more than ever in private credit
 
His central message: as AI spending shapes changing interest rates, it is becoming one of the most important forces shaping markets and the broader economy.

Everyone is talking about AI. But who is actually capturing the value?
 
Holden Spaht, Managing Partner at Thoma Bravo, joins Sonali Basak to discuss why enterprise software may emerge stronger, not weaker, in the age of AI. Rather than a "SaaS apocalypse," Spaht argues that AI's impacts have been counterintuitive, producing meaningful software investments and huge opportunities for companies with deep domain knowledge.
 
As the conversation around AI spending shifts from adoption to ROI, Spaht believes that proprietary data and years of customer context will become increasingly important competitive advantages. Enterprise software companies are evolving into intelligence platforms that support, rather than replace, the last mile of decision-making; Spaht believes the most successful companies will prioritize outcomes over technical sophistication for its own sake.
 
His central message: the biggest beneficiaries of AI may not be the newest entrants, but the companies with the deepest customer relationships, strongest domain expertise, and most valuable data.

Private credit was one of the defining investment stories of 2026.
 
In this special compilation episode of The Bridge, Sonali Basak brings together insights from some of the industry's leading investors to explore the year's biggest debates, from liquidity concerns and credit fundamentals to manager selection, valuations, and underwriting discipline.
 
Featuring insights from:
 
Jack Neumark, Co-CEO & Managing Partner, Fortress Investment Group
 
Victor Khosla, Founder & CIO, Strategic Value Partners
 
Steve Tananbaum, Founding Partner & CIO, GoldenTree Asset Management
 
Vivek Bantwal, Co-Head of Private Credit, Goldman Sachs Alternatives
 
Mathieu Chabran, Co-Founder, Tikehau Capital
 
David Manlowe, CEO, Benefit Street Partners
 
Sam Williams, Managing Director, iCapital
 
The conversation examines why dispersion is creating greater differentiation across private credit, why many investors saw healthier fundamentals than market narratives suggested, and why understanding differences across strategies and structures has become more important than ever.
 
The central message: private credit may be entering a more disciplined phase, one where manager selection, underwriting quality, and a deeper understanding of risk will be the key differentiators.
 

Khalil Hibri, co-Founder of Tangible Markets, joins Sonali Basak to discuss how investors are increasingly using secondaries for portfolio management, price discovery, and capital allocation decisions. Together, they explore why liquidity solutions are expanding across private markets, what current pricing trends reveal about investor sentiment, and how specialized buyers are reshaping the market.   
 
Hibri explains that secondary pricing is often more efficient than investors assume, and private credit is continuing to attract strong demand despite negative headlines. Platforms like Tangible Markets are an increasingly significant tool for price discovery — at this point, nearly 40% of investors who explore a secondary sale ultimately decide not to transact.  
 
His central message: as secondary markets and lending solutions mature, private market investors may have more flexibility than ever before.

Could the best way to invest in AI actually be the boring one?
 
Mike Dorrell, Chairman & CEO of Stonepeak, joins Sonali Basak to discuss why the firm prefers investing in the infrastructure behind AI rather than the technology itself. Together, they explore the surge in data center demand, why power has become one of the industry's biggest constraints, and where infrastructure investors are finding opportunity across digital, energy, and transportation.  
 
Dorrell explains why digital infrastructure has become one of the market's hottest trades, and where he sees pockets of overvaluation, why the grid could be one of the most compelling ways to gain exposure to both AI and the energy transition, and how infrastructure investors are positioning around major long-term trends without having to predict technology winners.  
 
His central message: the most durable opportunities around AI may not come from the technology itself, but from the infrastructure that makes it possible.

What happens when AI changes work faster than businesses can adapt?
Sonali Basak, Chief Investment Strategist at iCapital, sits down with Ronnie Chatterji, Chief Economist at OpenAI, to discuss how AI is reshaping the workforce, why jobs may be changing faster than they're disappearing, and what it will take for workers and companies to keep up. Together, they explore the rise of AI agents, the growing gap between AI leaders and laggards, and whether AI can become a meaningful driver of economic growth.
Chatterji explains why retraining may matter more than automation, why human judgment and relationships could become even more valuable in an AI-driven economy, and why traditional measures of productivity may be missing much of AI's impact.  
 
His central message: AI's biggest impact will not be replacing people but creating new kinds of work we've never considered.

What happens when AI changes the rules of lending?
 
Sonali Basak, Chief Investment Strategist at iCapital, sits down with David Manlowe, CEO of Benefit Street Partners, to discuss why private credit may be moving beyond its golden age of broad outperformance and into a period where manager selection is increasingly critical.
 
Manlowe explains how AI is reshaping credit markets, why software exposure has become one of the biggest differentiators among private credit managers, and why the refinancing wave beginning in 2027 could become a defining test for loans originated during the market boom.
 
His central message is that private credit's next chapter will be shaped less by the asset class itself and more by how investors navigate changing business models, evolving valuations, and a differentiated lending environment.

What happens when strong performance starts to look a little too easy?
Sonali Basak, Chief Investment Strategist at iCapital, sits down with Greg Bond, Chief Investment Officer of Man Group, to discuss what is driving the strength of quantitative hedge funds, where hidden risks may be building, and how AI is changing the way investors conduct research and prepare for market shocks.
Bond explains why investors should look beyond headline returns and pay closer attention to the unexpected connections emerging across investment strategies and multi-strategy platforms. He also shares how AI is transforming research, uncovering new sources of diversification, and creating entirely new ways to stress-test portfolios through simulated market environments.
His central message: AI can expand what investors can see, test, and anticipate, but it cannot replace the experience and judgment required to understand what is really driving returns.

Private credit is facing a reset. But could that create the best opportunities in years?
 
Sonali Basak, Chief Investment Strategist at iCapital, speaks with Mathieu Chabran, co-Founder of Tikehau Capital, about the recent volatility in private credit and why he believes the asset class is entering a healthier, more disciplined phase.
 
While some investors have focused on redemption pressures and market dislocations, Chabran argues the market is simply repricing risk after years of abundant liquidity. He believes stronger underwriting, better alignment of interests, and a renewed focus on credit fundamentals are creating a more attractive environment for new private credit vintages.
 
As investors rebalance portfolios and seek liquidity, the conversation explores why private debt secondaries are emerging as one of the most compelling opportunities in private markets. Chabran also discusses how AI is reshaping both software businesses and the underwriting process itself.
 
Chabran's core view: private credit isn't breaking—it's maturing. And investors who prioritize discipline, pricing power, and fundamental credit analysis may be best positioned for the next phase of the market.

Sonali Basak, Chief Investment Strategist at iCapital, speaks with Al Rabil, CEO of Kayne Anderson, about why today’s real estate market may be far more dislocated than it appears.
 
While the broader economy looks stable, Rabil explains how rapid rate hikes and peak-era pricing created a meaningful reset across real estate. He argues that the opportunity exists in part because investors are not acting. Many remain anchored to recent losses, even as valuations adjust and fundamentals begin to shift.
 
The conversation also explores the structural forces shaping the market, including strong demographic demand and a sharp decline in new supply across key sectors.
 
Rabil’s core view is that this is not a broad market recovery. It is a more selective environment where operational expertise, disciplined underwriting, and execution are increasingly defining outcomes.