Private credit headlines have been anxiety-inducing — but not all corners of private markets face the same pressures. Roughly $4 trillion in equity investments remain inside private equity funds awaiting exits, many acquired at elevated valuations during the low-rate era. For providers of scaled, flexible capital that sits between traditional debt and equity, that pressure creates opportunity.

On this episode of Disruptive Forces, host Anu Rajakumar speaks with David Lyon, Managing Director and Head of Capital Solutions at Neuberger, who oversees approximately $10 billion in assets. Together, they discuss:

What Capital Solutions is, and what it is not
Why the panic around private credit and BDCs may be overstated
How AI uncertainty is reshaping software valuations but has yet to trigger widespread defaults
What separates hybrid capital from continuation vehicles and distressed investing
Where the real opportunities sit for sponsors under pressure to generate DPI
What investors should demand from managers in the hybrid capital space

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