Macro Hive Conversations With Bilal Hafeez

Ep. 258: Randy Schwimmer on Why Private Credit Is Performing

Mar 7, 2025

Randy Schwimmer, Vice Chairman of Churchill Asset Management, shares his expertise in private credit and capital markets. He discusses the current macroeconomic landscape's impact on private credit, highlighting trends in service-oriented businesses and the significance of free cash flow. The conversation delves into deal activity, M&A, and LBO complexities, while also addressing how direct lending managers adapt to interest rate fluctuations. Additionally, Schwimmer touches on the transformative role of AI in portfolio management within private equity.

50:49

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Episode guests

Randy Schwimmer

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Episode notes

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Quick takeaways

The macroeconomic environment significantly influences private credit, with service-oriented sectors proving more resilient during economic fluctuations.

Direct lending has gained traction as a standalone asset class, allowing institutional investors to enhance deal flow while managing risks effectively.

Deep dives

The Macro Landscape and Private Markets

The current macroeconomic environment critically influences private markets, particularly as interest rates and inflation fluctuate. Sectors focusing on service-oriented businesses, such as logistics and healthcare technology, have been identified as more resilient during economic cycles. For instance, during COVID, commercial landscaping services maintained steady revenue despite general economic downturns, highlighting their essential nature. The podcast discusses the importance of understanding both macroeconomic headwinds and tailwinds, which help investors assess the viability of various sectors in private credit.

Intro

2min

Navigating Private Credit Amid Economic Challenges

30min

Navigating Volatility: Strategies in Direct Lending

4min

Harnessing AI for Enhanced Portfolio Management in Private Equity

4min

Navigating Private Credit Markets

10min

Connecting with Churchill and Staying Informed

2min

Randy Schwimmer is Vice Chairman of Churchill, where he oversees the Investor Solutions Group. Previously, he served as Co-Head of Senior Lending, responsible for senior lending origination and capital markets. Randy also serves on the firm’s Executive Committee and Senior Lending Investment Committee. Randy is also the Founder and Publisher of The Lead Left, Churchill’s weekly newsletter reviewing deals and trends in the capital markets. He also produces Private Capital Call, a monthly podcast. Prior to Churchill, Randy held senior roles at BNP Paribas and JP Morgan Chase. In this podcast, we discuss how macro is affecting private credit, what companies make good private credit candidates, deal activity, M&A and LBOs, and much more.

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