What happens when AI changes the rules of lending?
Sonali Basak, Chief Investment Strategist at iCapital, sits down with David Manlowe, CEO of Benefit Street Partners, to discuss why private credit may be moving beyond its golden age of broad outperformance and into a period where manager selection is increasingly critical.
Manlowe explains how AI is reshaping credit markets, why software exposure has become one of the biggest differentiators among private credit managers, and why the refinancing wave beginning in 2027 could become a defining test for loans originated during the market boom.
His central message is that private credit's next chapter will be shaped less by the asset class itself and more by how investors navigate changing business models, evolving valuations, and a differentiated lending environment.
