Private credit: Performance vs. liquidity
From Making Sense by J.P. Morgan
April 7, 2026 · 16 min · Episode 372
About this episode
The episode discusses the current state of private credit, focusing on investor liquidity and credit performance.
In this episode of Making Sense, Stephen Dulake, co-head of Global Fundamental Research, is joined by Jake Pollack, head of North American Credit Trading and Global Credit Financing, to take stock of where private credit stands today. They unpack the two forces shaping the narrative — investor liquidity in retail vehicles and underlying credit performance — alongside investor focus areas like PIK (payments in kind), software and services exposure, and early markers of AI-related disruption. The conversation closes with views on marking practices, the 2028–2029 maturity wall and ongoing price discovery, and what increased regulatory scrutiny could look like as the market continues to grow. This episode was recorded on March 31, 2026. -- This podcast is intended for institutional clients only. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co, and its affiliates, together J.P. Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. Referenced products and services in this podcast may not be suitable for you, and may not be available in all…
People in this episode
Host: Stephen Dulake
Guest: Jake Pollack
Topics covered
- private credit
- investor liquidity
- credit performance
- AI disruption
- regulatory scrutiny
Keywords
- private credit
- investor liquidity
- credit performance
- AI disruption
- regulatory scrutiny
Mentioned in this episode
Organizations: J.P. Morgan
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