What's Going on in Private Credit?
From The Memo by Howard Marks by Oaktree Capital Management
April 9, 2026 · 39 min · Episode 78
About this episode
Howard Marks discusses the evolution of the sub-investment grade credit market and the rise of direct lending post-Global Financial Crisis.
In his latest memo, Howard Marks discusses the evolution of the sub-investment grade credit market from its beginnings in the 1970s to its present state. He focuses on the rise of direct lending following the Global Financial Crisis, identifying the reasons for its fast growth but also the issues created by rapid capital deployment. Looking ahead, he describes the entwined fates of direct lending and private equity, with the performance of private equity portfolio companies being a key determiner of the future success of direct loans. You can read the memo here (https://www.oaktreecapital.com/insights/memo/whats-going-on-in-private-credit). This episode uses an AI reader.
People in this episode
Host: Howard Marks
Topics covered
- private credit
- direct lending
- sub-investment grade credit
- private equity
- capital deployment
Keywords
- private credit
- direct lending
- sub-investment grade
- Global Financial Crisis
- private equity
- capital deployment
Mentioned in this episode
Organizations: Oaktree Capital Management
Books & works: memo
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