The Bridge Ep. 15: Private Credit's Return to Discipline

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.