Private Credit Analysis and Outlook: What comes after a ‘golden era’?
Our panel of thought leaders from across the private credit, CLO, and ratings segments examined the supply and demand dynamic in private credit—and what market participants can expect for the rest of 2025.
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Our panel of thought leaders from across the private credit, CLO, and ratings segments examined the supply and demand dynamic in private credit—and what market participants can expect for the rest of 2025.
This webinar featured perspectives from our guest speakers and PitchBook staff on key trends defining today’s direct lending segment, including key findings from our latest proprietary private credit market survey.
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Key topics
The direct lending landscape, including volume estimates, uses of proceeds, and terms
What’s next in the private credit versus broadly syndicated loan market tug-of-war
Trends in private credit ratings, credit quality, and the Morningstar DBRS outlook for 2025
Marina Lukatsky is a senior director and global head of credit and US private equity research, and leads the firm’s coverage of US and European leveraged loan, high-yield bond, and private credit markets. Lukatsky is responsible for developing analytics and commentary detailing trends in the global leveraged finance market. She leads a team of analysts producing weekly, monthly, and quarterly research content covering the leveraged loan and private credit markets, and regularly contributes analytical commentary to LCD News and quarterly research reports covering a wide range of leveraged loan and private credit trends.
Lukatsky holds an MBA from New York University and a bachelor’s degree in Finance from Pace University. She is based in PitchBook’s New York office.
Abby currently writes about middle-market loans and private credit for LCD. She started at LCD in 2004, writing about high-yield bonds, later turning her attention to distressed debt during the credit crisis. From 2009 to 2013, she wrote about Asia-Pacific credit markets for LCD, while based in Hong Kong. Prior to S&P Global, she was with Reuters, first as a correspondent in the Nordic region and then as a copy editor based in London.
Kelli serves as Churchill’s Head of CLO Management, the Portfolio Investment Strategist for Nuveen Churchill Private Capital Income Fund (PCAP) and Co-Head of Chicago Office. As Head of CLO Management, she is responsible for the management and growth of Churchill’s middle market CLO platform, including day-to-day vehicle oversight, assisting in the sourcing of assets and trading strategy development, as well as participating in fundraising initiatives. As Portfolio Investment Strategist, Kelli serves as the portfolio manager of PCAP, overseeing day-to-day investment activity and helping to make investment decisions on behalf of the fund.
Before joining Churchill, Kelli spent eighteen years at Crestline Denali Capital, a CLO asset manager. Most recently she served as Crestline Denali’s Managing Director and Chief Credit Officer, where she was responsible for overseeing the firm’s entire credit function including new business underwriting and portfolio management. She also served on the firm’s Investment Committee. Prior to joining Crestline Denali, Kelli was a Vice President at Heller Financial, where she was responsible for underwriting and managing middle market loans. Prior to joining Heller, she was an Assistant Vice President at First Source Financial, where she underwrote direct middle market transactions on behalf of the firm’s CLO portfolio. She began her career as an auditor at KPMG in Chicago.
Kelli graduated magna cum laude with a B.S. in Accounting from the University of Notre Dame and received her MBA with high honors from the Kellogg School of Management at Northwestern University. She previously earned her CPA certification.
Joseph joined Configure Partners from the Middle Market Special Situations practice at Guggenheim Securities, where he was a Vice President. Prior to joining Guggenheim, he was part of the Global Finance and Restructuring Group at Barclays Capital in New York.
Joseph has focused his career on providing advisory services to middle market companies as it relates to financings, mergers and acquisitions, and restructurings. Joseph graduated with a B.S. in Construction Science and Management from Clemson University and with an MBA from the University of North Carolina Kenan-Flagler Business School. He is a FINRA General Securities Representative (Series 24, 63, 79), and holds the Certified Insolvency and Restructuring Advisor (CIRA) and the Certification in Distressed Business Valuation (CDBV) designations.
Joseph was recognized by the M&A Advisor as a recipient of the 2017 Emerging Leaders Award.
Evan is a Managing Director and Co-Head of Underwriting at TPG Twin Brook Capital Partners, overseeing the generalist underwriting teams and their respective underwriting, credit, and portfolio management responsibilities.
Prior to joining TPG Twin Brook in 2015, Evan worked for U.S. Bank as an Analyst in the Commercial & Corporate Bank, and then as an Associate in Private Equity Sponsor Finance, where he underwrote, structured, diligenced, and executed on cash flow loans with sponsor-owned businesses in the middle market. He holds a B.S. degree from Saint Louis University.
Michael is a senior vice president for Morningstar DBRS on the private credit team within the fundamental credit ratings group. He has more than 30 years of multi-product fixed-income markets experience, including 10 years at Morningstar and 12 years as a sell-side fundamental credit analyst covering investment-grade, high-yield, and convertible securities at UBS. Mr. Dimler has a bachelor’s degree in political science from Indiana University of Pennsylvania and a master’s degree in business administration from University of Rochester’s William E. Simon Graduate School of Business Administration. He also holds the Chartered Financial Analyst® designation.