People love to talk about the battle between banks and private credit firms in leveraged debt markets. And at a high level, it’s true that the dealflow has bounced back and forth between the two over recent years — but markets are a lot more complex than a game of table tennis.

In this episode of Cloud 9fin, Synne Johnsson sits down with Soren Christensen, partner and head of capital markets at Cinven, and Amit Bahri, co-head of European direct lending at Goldman Sachs, to break down how private credit’s role has evolved over the years.

Among the highlights: how sponsors have adapted to embrace private credit, what the return of the BSL market means for direct lender strategies, the attraction of junior PIKs, and predictions for 2025.

As always, if you have any feedback for us, send us a note at podcast@9fin.com.