Robert Petty
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- Milken Institute1h 0m
Credit Market Outlook
Michael Milken, Ilfryn Carstairs, Pierre de Chillaz, Juan Delgado-Moreira, Lawrence Golub, Robert Petty, Mike Milken
This panel analysis details how global bank retrenchment has created a six-trillion-dollar capital gap filled by non-bank lenders across the U.S., Europe, and Asia, particularly benefiting small and medium enterprises in regions with improved restructuring laws. While U.S. private credit focuses on senior secured floating rate debt to maintain 11–12% returns amid eroding covenants, Asian and European markets present opportunities for value creation through distressed scenarios and significant currency advantages. Industry leaders like Golub Capital and Hamilton Lane highlight a strategic rotation away from junior debt risks toward operational, direct lending structures to capitalize on these structural shifts while managing leverage and currency volatility.
- Milken Institute59 min
China Disrupted: The Inside View
Jonathan Woetzel, Goodwin Gaw, Robert Petty, Jing Ulrich, Kwek Ping Yong
Following five years of dramatic expansion where the bond market grew to $30 trillion and capital flows reversed to net exports, China's economy faces a strategic pivot toward quality growth amidst a 260% debt-to-GDP ratio and strict capital controls. Government initiatives like "One Belt, One Road" and regulatory measures targeting real estate loopholes aim to manage systemic risks while shifting investment focus from heavy manufacturing to service sectors and high-return direct lending. Investors now target minority stakes in founder-led enterprises and cross-border technology acquisitions, anticipating that future expansion will rely on domestic consumption and logistics infrastructure rather than the double-digit GDP rates of the past.