Purnima Puri
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- Milken Institute1h 3m
Credit Outlook | Global Conference 2025
Michael Milken, Lee Kruter, Drew McKnight, Purnima Puri, James Reynolds, Christian Stracke
Driven by the 2023 banking retrenchment and rising institutional demand for yield, major asset managers including PIMCO, Fortress, and Goldman Sachs are shifting capital from traditional lending to non-investment-grade private credit and alternative financing structures. Panelists identify significant growth opportunities in undervalued asset-based credit, data center infrastructure, and expanding markets in Europe, Latin America, and the Middle East, while emphasizing defensive strategies focused on recovery rates rather than default probabilities. Despite regulatory uncertainties and untested default cycles, experts project the sector will scale significantly to fill the void left by contracting bank balance sheets.
- Milken Institute1h 1m
Credit Outlook | Milken Institute Global Conference 2024
Michael Milken, James Keenan, Victor Khosla, Marc Lipschultz, Purnima Puri
Leading institutional investors from BlackRock, Blue Owl Capital, Strategic Value Partners, and J.P. Morgan Partners outlined a rigorous selection framework that targets only 2% to 5% of reviewed deals to navigate a "higher for longer" interest rate environment. Panelists emphasized that private credit offers superior covenant protection and recovery rates compared to public markets, positioning it as a permanent portfolio diversifier rather than a temporary boom as bank deleveraging drives capital toward asset managers. Looking ahead, industry leaders anticipate a multi-year opportunity in distressed debt and non-sponsor financing, where operational involvement and strict governance will define success amid projected $600 billion in annual maturities.