Capital Allocators – Inside the Institutional Investment Industry Jonathan Lewinsohn – Credit Microcycles at Diameter (EP.484)
104 snips
Feb 2, 2026 
Jonathan Lewinsohn, Co-Managing Partner of Diameter Capital Partners, a credit-focused investor managing multiple strategies. He discusses credit microcycles across AI, housing, telecom, chemicals, and healthcare. Topics include private credit and direct lending evolution, risks from legacy software and AI, pricing hard-to-value tech assets, insurer demand for investment-grade assets, and why macro awareness and ROIC-based underwriting matter.
AI Snips
Chapters
Books
Transcript
Episode notes
Firm-Building Is Like Raising Kids
- Jonathan compares running an asset manager to raising children, emphasizing daily hands-on investment work.
- He spends roughly 80% of his time on investments and 20% on investors and running the business.
CLOs As A Deal-Flow Engine
- Diameter built CLO and direct lending businesses to complement hedge and dislocation funds and to source loan flow.
- Seeing loans first through CLOs improves investment insight and deal flow across strategies.
Match Duration And Manage Private Credit Risk
- Direct lending should match asset duration to investor liabilities and focus on non-cyclicals and sponsor relationships.
- Risk-manage private credit tightly and underweight concentrated sectors like software within direct lending portfolios.
