Private Capital Call EP15: Rick Miller on private credit opportunities amid ongoing uncertainty
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Nov 5, 2025 
Rick Miller, the Group Managing Director and Chief Investment Officer of TCW Private Credit Group, shares his extensive expertise in capital markets. He dives into the evolving landscape of middle market direct lending, discussing the competition for deals and the challenge of rising defaults. Miller highlights the current supply-demand dynamics and the impact of spread compression on returns. He also offers keen insights into the potential surprises and risks ahead, and shares practical advice for aspiring professionals in this sector.
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How TCW Started Different From Banks
- Rick Miller recounts TCW's origin in 2001 and its design to act differently than commercial banks.
- That history forced TCW to originate, diligence, document, and monitor deals tightly to minimize principal loss.
Experience Trumps Hype In Volatile Markets
- Experience across cycles gives perspective to avoid mistakes when markets get easy and spreads tighten.
- That perspective helps prioritize minimizing principal loss as the core investment objective.
What Investors Value Now
- Investors now value track record, unique origination, and ability to fix underperformers.
- Flexible vehicles that match investor geography, tax and leverage needs also matter.