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Bain Capital’s Michael Ewald on private credit opportunities amid volatility
Apr 23, 2025
Michael Ewald, Bain Capital’s global head of private credit, shares insights from his extensive career in finance. He discusses navigating today’s turbulent credit landscape, highlighting opportunities within the middle market. Ewald elaborates on the impact of political events, particularly tariff threats, on market volatility. He also delves into the shifting dynamics of pricing and covenant protections, while addressing competition between private credit and syndicated loans. With a focus on risk management, he emphasizes the evolving strategies shaping the future of private credit investments.
18:04
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Quick takeaways
- Bain Capital emphasizes a disciplined investment strategy in the core middle market, focusing on long-term risk management and favorable documentation terms amid market volatility.
- Investors are advised to conduct deeper analyses of market conditions, preparing for potential recessions rather than reacting to short-term news or management projections.
Deep dives
Investment Strategy Adjustments
Current market volatility, particularly due to tariffs and recession fears, has compelled some investors to reassess their investment strategies. Long-term investors, like Bain Capital, emphasize patience and caution, avoiding reactions to fleeting news. Instead of merely adjusting to management's optimistic growth predictions, the focus shifts to preparing for potential recession scenarios by conducting deeper analyses of market impacts, including inflation and employment trends. This cautious approach reveals a significant emphasis on understanding the broader market context, rather than just immediate financial metrics.
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