New Horizons - The Evolution of Direct Lending and Illiquid Credit

Explore the evolution of direct lending and illiquid credit markets in this 58-minute panel discussion from the Milken Institute. Gain insights from industry experts as they delve into the outlook for nonbank direct lending, the impact of regulatory changes, and the comparison between illiquid and liquid credit markets. Learn about the challenges of manager selection, the potential for market saturation, and the long-term forces shaping the industry. Discover key topics such as private equity partnerships, fee structures, supply and demand dynamics, market evolution, cost of origination, regulatory pressures, and the risks associated with direct lending. Understand the complexities of asset-based lending, investor perspectives, and the importance of building meaningful relationships in the asset management business.

Introduction
Panel Introductions
Bearing
Brightwood
Private Equity
Wells Fargo
Partnerships
Return from Direct Lending
Direct Lending Fees
Supply Demand Injustice
Market Evolution vs Return
Cost of Origination
Long Term Forces
Risk
frothy market
asset management business
frothiness
growth rates
regulatory environment
regulatory challenges
shadow banking
systemic risk
regulatory pressure
risks of direct lending
assetbased lending
clients understand the risk
investors
meaningful life
team