Private Markets 360° "Beautifully Inefficient": Uncovering Hidden Investment Opportunities in Private Credit (with Ben Radinsky, Managing Director and Partner at HighVista Strategies)
Sep 25, 2025
Ben Radinsky, Managing Director at HighVista Strategies, has over 20 years of experience in private credit. He shares insights on identifying opportunities in 'structurally inefficient' markets, discussing how flexible delivery mechanisms can reveal overlooked investments. Ben delves into litigation finance, emphasizing its non-correlation with traditional markets, and explains why smaller deals can offer superior lender terms. He also contrasts direct lending as beta versus the alpha potential of specialty credit, all while highlighting evolving risks and new niches in the investment landscape.
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Relative-Value Edge Across Credit Markets
- HighVista gains edge by comparing relative value across credit markets rather than sticking to one asset class.
- Flexibility to invest across delivery mechanisms uncovers opportunities others miss.
Turning A Landgrab In Natural Resources
- Ben recounts a mezzanine loan to producing oil wells eight years earlier that had loose covenants.
- Eight years later he executed a senior loan with better covenants and higher interest, capturing improved terms from the inefficiency.
Why Litigation Finance Attracts Alternatives
- Litigation finance is small, specialized, and largely uncorrelated to markets, making it an inefficient niche.
- Structures range from mass-tort funding to loans to firms and appeals financing, requiring legal and timeline expertise.