Stifflear, Portfolio Manager and Head of Investment Grade Private Credit at PPM. Luke brings over 30 years of experience at PPM, providing deep insights into the world of investment grade private credit. He explains how this asset class, typically dominated by insurance companies, differs from the more commonly discussed high-yield private credit. Luke sheds light on the benefits of investment grade private credit, including enhanced covenant protection, better spread premiums, and diversification opportunities that make it a compelling alternative to public bonds. He also discusses the evolution of this market, particularly in the context of bank pullbacks and the growing interest from institutional investors.   The conversation further explores the state of market liquidity, deal flow dynamics, and how PPM's long-standing presence in the industry offers unique advantages in accessing off-the-run tenors and securing favorable deals. Luke also shares his views on the importance of relative value decisions between public and private markets, emphasizing how consistent capital deployment and strong market relationships have helped PPM maintain a competitive edge. This episode is packed with valuable takeaways for anyone interested in the strategic aspects of investment grade private credit and its role in diversified portfolios.