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.

00:00 – Welcome to the Credit Clubhouse, show setup, and listener promotion.
02:45 – Background on Patrick Turner and the firm’s history in structured capital.
05:30 – What structured capital means in practice and how it differs from traditional lending.
08:15 – How the market has developed and where structured solutions fit.
11:00 – Why flexible capital solutions are increasingly important for sponsors.
13:45 – Use Cases & Deal Structures
16:30 – How VSS approaches underwriting, risk, and capital preservation.
19:15 – Discussion of today’s credit conditions, volatility, and opportunity set.
22:00 – Investor Demand & Capital Flows
25:30 – Outlook for Structured Capital & Closing Thoughts

Patrick Turner, Partner and Senior Managing Director, VSS Capital Partners - https://www.linkedin.com/in/patrick-turner-1331b91a/

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 - The Credit Clubhouse: Welcome and Clark Briner Introduction
01:55 - Founding Revere Capital: Addressing Lower Middle Market Gaps
05:07 - The Evolving Definition of the Lower Middle Market
06:45 - Lessons from 20 Years: Structure Matters in Lending
08:14 - Revere Capital's Discipline: Avoiding Style Drift
09:54 - Navigating Liquidity, Duration, and LP Education Gaps
12:50 - Exploring Mispriced Opportunities in Specialty Finance
14:16 - Prioritizing Structural Alpha Over Cyclical Opportunities
15:17 - Understanding Direct Lending's Impact on Asset-Backed Finance
17:29 - LP Shift to Risk and Credit Market Convergence
19:47 - Leveraging Data and AI for Scaling Credit Platforms
22:54 - Investment Pitfalls: Avoiding Market Bailout Reliance
24:17 - Hobby, Superpower, and a Must-Read Negotiation Book
25:59 - The Significant Economic Impact of Non-Bank Lenders
27:25 - Clark Briner's Prediction for the Next 12 Months
28:17 - Thank You for Listening to The Credit Clubhouse

Clark Briner, Founder & Principal - https://www.linkedin.com/in/clarkbriner/

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.

00:00:11 – Welcome to the Credit Clubhouse with Yann Robard
00:00:46 – Yann’s Journey: From CPPIB to Founding Dawson Partners
00:02:05 – The Idea Behind Dawson: Better Liquidity Solutions for Private Equity
00:03:54 – Dawson Today & How Private Markets Have Evolved
00:04:18 – Dawson’s Four Pillars: Tech, Innovation, Scale & Culture
00:08:36 – Maintaining Culture While Scaling to 250 People
00:14:09 – Private Equity Outlook: Performance, Challenges & Governance Edge
00:21:52 – Private Equity vs Private Credit & The Rise of Secondaries
00:28:56 – GP-Led Continuation Vehicles & Future of Secondaries
00:34:31 – Fun Wrap-Up: Hobbies, Surprises & Biggest Opportunities Ahead

Yann Robard. Managing Partner at Dawson Partners - https://www.linkedin.com/in/yann-robard-84b07b109/

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 Credit Clubhouse & Sponsor Messages
01:31 - Russell Corn on Founding Fulcrum Diligence and Objective Research
05:38 - James Devey Details the Patrick James First Brands Investigation
13:28 - Why Private Credit Funds Miss Red Flags in Due Diligence
20:03 - Balancing Privacy and Transparency in Commercial Dealings
26:43 - Why Traditional Due Diligence Often Fails to Uncover Fraud
35:44 - The Double-Edged Sword of AI in Due Diligence Investigations
41:59 - How Uncovering Fraud Shapes Private Credit Markets
44:25 - Guests Share Personal Insights and Final Predictions

Russell Corn, CEO, Fulcrum Diligence - https://www.linkedin.com/in/russell-c-2b6218b/

James Devey, Senior Analyst, Fulcrum Diligence - https://www.linkedin.com/in/james-devey-42a879252/

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 - Introducing David Robbins and StepStone Group's Role
02:44 - Separating Signal from Noise in Private Credit Headlines
05:10 - Why Private Credit's Growth Attracts Scrutiny
07:27 - The Push for Retail Access to Private Markets
10:13 - Assessing Risk and Volatility in Private Credit
13:31 - How Asset Managers Address Private Credit Critiques
16:31 - Diversifying Beyond Sector in Private Credit Portfolios
21:12 - Distinguishing Macro Trends from Media Sensationalism
25:22 - The Critical Role of Education in Private Markets
29:59 - David Robbins' Personal Insights and Predictions
32:31 - Closing Remarks and Deal Catalyst Information

David Robbins, Director, StepStone Group - https://www.linkedin.com/in/davidarobbins1/

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

https://linktr.ee/thecreditclubhousepodcast