Pathways
Conversations and innovative insights about real assets, private markets and macroeconomics, intended for global institutional investors. Brought to you by Macquarie Asset Management (MAM), the asset management division of Macquarie Group Limited. This material is for information purposes only and should not be construed as, an advertisement, an invitation, an offer, a solicitation of an offer or a recommendation to participate in any investment strategy or take any other action, including to buy or sell any product or security or offer any banking or financial service or facility in any jurisdiction where it would be unlawful to do so. The views expressed are as of the date of publication and are subject to change. All third-party marks cited are the property of their respective owners. All audio, artwork, episode descriptions and notes are the property of MAM, for Pathways, and published with permission by Buzzsprout. ©2025 Macquarie Group Limited [4356838]
Pathways
Private Credit at a crossroads?
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In this episode of Pathways, Daniel McCormack is joined by Harlan Cherniak, Head of Infrastructure Debt and Co‑Head of Private Credit in the Americas at Macquarie Asset Management, to explore what’s really happening in private credit markets. They discuss emerging stress in certain sectors — particularly software — alongside more resilient opportunities in real assets and infrastructure debt. The conversation covers AI-driven disruption, structural discipline in credit underwriting, defaults, BDC redemptions, and whether current market volatility points to systemic risk or a more orderly adjustment. The episode also examines why infrastructure credit may offer durability, defensiveness, and attractive risk‑adjusted returns in an increasingly uncertain macro environment.
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