Vivek Bantwal
Showing 1–2 of 2 transcripts.
- Milken Institute54 min
Banks, Private Credit, and the Future of Risk | Global Conference 2026
Erik Schatzker, Vivek Bantwal, Molly Duffy, Jeffrey Gundlach, Kristofer Kraus, Brad Rogoff, Paul
A panel of financial experts convened to assess that while direct lending poses no immediate systemic threat comparable to the 2008 crisis, significant risks remain due to loosened underwriting standards, high leverage in enterprise software, and critical liquidity mismatches in semi-liquid funds. The discussion highlighted how valuation opacity and rising refinancing costs ahead of the 2028–2029 maturity wall are eroding investor trust, particularly among retail participants facing redemption gates. Despite these structural fractures and a potential recessionary spike in defaults, institutional capital continues to view the volatility as an opportunity to deploy funds at wider spreads while awaiting a market correction driven by credit dispersion rather than a total collapse.
- Goldman Sachs32 min
Private Credit Concerns in Context
Alex Blostein, Vivek Bantwal, Allison Nathan
Amidst a sentiment shift driven by opacity and liquidity concerns, Goldman Sachs analysts project that private credit assets will avoid a systemic crisis despite a 15% annual growth slowdown and concentrated software exposure. While retail investors face potential redemptions constrained by fund caps, institutional direct lending remains insulated by conservative Loan-to-Value ratios and a 9–10% spread cushion that has yet to produce significant defaults. The sector's resilience relies on distinguishing between high-quality borrowers and vulnerable single-B names, with market recovery anticipated as idle capital returns to attract more attractive covenant terms over the next two years.