The Credit Clubhouse

This episode is presented by 9fin. The AI-native platform for modern credit teams.

Head to https://www.9fin.com/demo to request a 30-minute personalised demonstration.

00:01:31 — Introducing Tangible and the mission to democratize liquidity
00:02:10 — Why individual investors need secondary market access
00:05:15 — Bringing technology and standardization to private market transactions
00:08:10 — The rise of smaller NAV loans in private markets
00:10:00 — Building the operational infrastructure for NAV lending
00:13:00 — Liquidity demand across private equity, venture, and credit funds
00:17:00 — How embedded secondary markets reduce risk for NAV lenders
00:21:30 — Responsible use of NAV lending and market discipline
00:25:00 — Competitive price discovery and LP best execution
00:29:30 — Why LP transactions are moving toward digital platforms
00:33:30 — Overcoming the stigma around secondary sales and fund-level liquidity
00:40:30 — Career lessons, global experience, and final reflections

Khalil Hibri, Founder and Managing Partner, Tangible - https://www.linkedin.com/in/khalilhibri/

Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

https://linktr.ee/thecreditclubhousepodcast

This episode is presented by 9fin. The AI-native platform for modern credit teams.

Head to https://www.9fin.com/demo to request a 30-minute personalised demonstration.

00:00 – Introduction & the state of NAV lending
03:00 – NAV lending’s shift toward the middle market
07:00 – The evolution of NAV loan use cases
10:00 – A breakdown of buyout, venture, growth equity, infrastructure, and private credit strategies—and how underwriting differs across each.
14:00 – How documentation, loan structures, and lender expectations have matured as the market scales.
18:00 – Why early LP engagement and clearer governance around NAV facilities are becoming increasingly important.
22:00 – The operational realities of underwriting fund structures, collateral packages, and bespoke financing solutions.
26:00 – Capital calls, liquidity pressure & bridging solutions
30:00 – Regulatory risk, leverage levels & market hype
35:00 – Best practices for GPs + closing personal insights

Tim Ivers, CEO, Warana Capital - https://www.linkedin.com/in/tim-ivers-28317412/

Dan Nolan, Managing Director - Head of Origination, Warana Capital - https://www.linkedin.com/in/dan-nolan-2626a341/

NAV Lending Whitepaper - Warana Capital LLC

Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

https://linktr.ee/thecreditclubhousepodcast

This episode is presented by 9fin. The AI-native platform for modern credit teams.

Head to https://www.9fin.com/demo to request a 30-minute personalised demonstration.

00:00 - Kicking Off: Welcome to the Clubhouse and Guest Introductions
02:36 - Unpacking the S&P Lincoln Senior Debt Index: What It Is and Why Now
06:39 - Addressing Opacity: The Critical Need for Private Credit Benchmarking
09:58 - LP Reactions, Asset-Level Data, and the Index's Future Evolution
16:36 - Comparing Private and Public Markets: The Enduring Liquidity Premium
21:21 - The Democratization of Private Credit and Retail Investor Education
25:54 - Navigating Competing Benchmarks and Identifying the Market's Biggest Unlock
31:33 - Fun Facts, Future Predictions, and Podcast Conclusion

Eszter Hauber, Director, S&P Dow Jones Indices - https://www.linkedin.com/in/eszterhauber/

Brian Garfield, Global Head of Portfolio Valuations, Lincoln International - https://www.linkedin.com/in/brian-garfield-asa-cfa-49290813/

Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

https://linktr.ee/thecreditclubhousepodcast

This episode is presented by 9fin. The AI-native platform for modern credit teams.

Head to https://www.9fin.com/demo to request a 30-minute personalised demonstration.

00:00 - Welcome to The Credit Clubhouse with Dina Kook of Monroe Capital
01:57 - Assessing today's borrower and lender fund finance market
06:00 - Dina Kook's lender-to-borrower insight and Monroe's differentiation
09:22 - Monroe Capital's core borrowing objectives and product utilization
13:17 - Increased LP transparency and diverse investor participation in fund finance
16:25 - The natural progression of fund finance market convergence
18:33 - The future of fund finance: non-banks, AI, and the human element
21:25 - Personal insights, hobbies, and a 12-month market prediction
25:09 - Thank you for listening to The Credit Clubhouse Podcast

Dina Kook, Managing Director, Head of Fund Finance, Co-Head of New York Office, Monroe Capital -https://www.linkedin.com/in/dinakook/

Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

https://linktr.ee/thecreditclubhousepodcast

This episode is presented by 9fin. The AI-native platform for modern credit teams.

Head to https://www.9fin.com/demo to request a 30-minute personalised demonstration.

00:00 - Kicking off with market status and sponsor insights
02:35 - Unpacking private credit's crisis and investor responses
04:56 - Getting to know 9fin's private credit reporter
06:02 - Understanding redemption requests and semi-liquid funds
07:45 - Analyzing credit blow-ups and loosening of underwriting standards
12:00 - Exploring AI's uncertainty across tech and other industries
14:24 - How fraud cases are reshaping market standards and docs
19:43 - The push for transparency and secondary market challenges
22:52 - Uncovering overlooked issues and hidden distress in credit
26:34 - Predicting the next 3 - 4 years in private credit markets
28:44 - Quick takes and personal insights with Tom Quinn
31:06 - Wrapping up

Tom Quinn, Reporter, 9fin - https://www.linkedin.com/in/tmichaelquinn/

Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

https://linktr.ee/thecreditclubhousepodcast