Private credit is everywhere right now, and so are the headlines calling for its collapse.

From redemption restrictions to rising delinquencies, investors are starting to ask: Is this the next financial crisis?

In Episode 129, Ryan and Neil break down what’s actually happening inside the private credit market. They dive into the rise of “buy now, pay later,” why some funds are gating withdrawals, and where the real risks (and opportunities) lie, especially for Canadian investors.

This episode cuts through the noise and gives you a clear, grounded perspective on whether private credit is truly in trouble… or just going through a normal cycle.

Show Notes:

00:00:00 – Why private credit is dominating headlines right now
00:01:03 – Episode intro + light start (Tim Hortons debate)
00:04:09 – The big question: Is private credit actually in trouble?
00:06:04 – What private credit really is (simple breakdown)
00:06:48 – The rise of “Buy Now, Pay Later” and why it matters
00:08:54 – Market size explained ($2–3 trillion global industry)
00:10:28 – What’s changed: delinquencies, redemptions, and pressure building
00:12:00 – Major funds restricting withdrawals (Blackstone, Apollo, etc.)
00:15:17 – Real-world returns vs. projected returns in private credit
00:17:43 – The hidden risk: fund-of-funds and layered leverage
00:19:15 – Why liquidity is the biggest issue in private credit
00:20:15 – What “gating” means and why it scares investors
00:23:01 – Crash vs correction: what’s actually happening
00:24:15 – Consumer pressure, inflation, and the breaking point
00:25:16 – Why this isn’t another 2008-style crisis
00:27:25 – The overlooked risk: auto loans and consumer debt
00:28:48 – Keystone’s strategy and risk positioning
00:33:03 – Mortgage delinquency reality check in Canada
00:35:04 – Final take: normalization, not collapse

Resources:
Keystone Capital Group
CPLP Instagram: @cplpodcast
Keystone Instagram: @keycapgroup

Find Neal On:
Instagram: @neal.andreino
LinkedIn: Neal Andreino

Find Ryan on:
LinkedIn: Ryan MacNeil
E-mail: ryan@keycap.ca