Private Capital Call

The only podcast for institutional investors and asset managers of private capital around the world. Our conversations with industry thought-leaders covers the economy, capital markets, as well as private equity and private credit.

Private Capital Call is a business podcast hosted by Unknown Host, with 21 episodes on record and a Required Pod Score of 80.

Unknown Host hosts Private Capital Call, a business show with 21 episodes published.

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  Private Capital Call

  EP 28: Credit discipline through the cycle - lessons from a pension fund

  Sep 17, 202621 min

  This week, we're joined by Igor Baranovski , Chief Portfolio Manager on the Alternative Investments team at PenSam , a Danish pension fund managing over $30 billion in assets across public and private markets. In his role, Igor leads credit investments and portfolio construction across the full credit spectrum, overseeing the entire investment process spanning both fund and direct investments as well as manager selection. With over a decade of experience in investment management, he brings deep expertise in alternative credit strategies. In this episode, Igor shares how PenSam's long-term, member-focused mandate shapes a disciplined approach to portfolio construction, even amid geopolitical uncertainty and market volatility. We dig into recent credit stress events that have rattled BDC investors, and Igor offers an institutional allocator's perspective on what the market is getting wrong - including the critical distinction between liquidity risk and credit risk. We also explore how AI disruption is showing up in LP due diligence conversations, what PenSam looks for when selecting a private credit manager, and Igor closes with reflections on the lessons and moments that have shaped his approach to investing and leadership.

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  Private Capital Call

  EP 27: Private credit, AI, and the Fed - Mickey Levy's outlook for the rest of 2026

  Aug 13, 202626 min

  This week we welcome back our first returning guest, renowned economist Dr. Mickey Levy - Visiting Fellow at the Hoover Institution at Stanford University and longstanding Member of the Shadow Open Market Committee, who spent over 22 years as Chief Economist at Bank of America and later Berenberg Capital Markets, and now runs MDL Insights , focusing on monetary and fiscal policy. In this episode, Randy and Mickey discuss the surprising resilience of the U.S. economy heading into the second half of 2026, why easing oil prices could bring inflation down further, and what's really driving strong employment gains despite negative consumer sentiment. They also dig into AI's short- and long-term impact on labor markets, overlooked structural issues like education, skills training, and immigration policy, the Fed's rate outlook under new leadership, and a deep dive into private credit - separating real risks from market misconceptions.

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  Private Capital Call

  EP 26: Private credit - Signals, concerns, and manager selection

  Jul 30, 202632 min

  This week we're joined by Sonali Basak , Chief Investment Strategist at iCapital , a global fintech leader transforming access to alternative investments. Sonali leads strategic thought leadership across public and private markets, delivering actionable insights to financial advisors, investors, and asset managers worldwide. Before joining iCapital, she spent 12 years at Bloomberg, most recently as the network's lead global finance correspondent and anchor, hosting the flagship show Open Interest and spearheading Bloomberg Invest. One of the most trusted voices in financial journalism, she now brings that same data-driven rigor to alternative investments. We sit down with Sonali to unpack one of the most turbulent stretches private credit has faced in recent memory, from AI disruption to elevated redemption activity across major vehicles. We dig into the biggest misunderstandings fueling investor anxiety, particularly around liquidity, and the key signals advisors should watch to separate real risk from headline noise. We also trace the evolution of alternatives in high-net-worth portfolios, the education gap facing advisors and clients alike, and the criteria Sonali uses to evaluate private credit managers in today's increasingly complex environment.

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  Private Capital Call

  EP 25: From Lead Left to The Lead - Randy Schwimmer on private credit's Platinum Era

  Jul 15, 202632 min

  This week we have a special edition of Private Capital Call. We're turning the tables on our own Randy Schwimmer , as Bloomberg Radio's Paul Sweeney takes the host chair to mark a milestone worth celebrating the relaunch of The Lead Left as The Lead . What started as a humble internal monthly newsletter at Chase Manhattan Bank in 1993 has grown into one of private capital's most widely read and respected publications, reaching over 46,000 subscribers and now entering an exciting new chapter. In this candid and wide-ranging conversation, Randy reflects on three decades of educating investors about private credit - from explaining LIBOR to rookie bankers, to navigating the Great Recession, to making the case today for what he calls the Platinum Era of private credit. Randy and Paul dig into why the core middle market has quietly outperformed its larger counterparts, how retail investors are just beginning to discover this asset class, and why ground-level, defensive businesses remain the backbone of private credit's enduring appeal.

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  Private Capital Call

  EP 24: Behind the headlines: Private credit defaults, recoveries, and AI risk in 2026

  Jun 10, 202621 min

  This week, we're joined by William (Bill) Cox and Eric Rosenthal from KBRA . Bill serves as Chief Rating Officer, leading KBRA's global ratings platform and is widely recognized as the driving force behind the firm's private credit and private markets initiatives. Eric is Head of Default Research at KBRA DLD , where he focuses on default analysis across private credit, leveraged loan, and high yield markets, and publishes the monthly Direct Lending Default Report, the most comprehensive defaultpublication in the private credit space. We're pleased to have them both here today. In this episode, Bill and Eric cut through the noise surrounding private credit to share what the data is actually telling us. They break down KBRA's 2026 default rate forecast and explain why it stands in sharp contrast to the double-digit predictions making headlines. They also discuss how methodology differences are driving wildly different default numbers across the market, which sectors deserve the closest attention right now - including a deep dive into AI risk within the software space - and why declining recovery rates may be a biggerconcern for investors than the default rate itself. They close with guidance for both institutional and retail investors on how to evaluate private credit managers and cut through misleading market commentary.

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