Private credit · Podcast

Lotfi Karoui on Private Credit and the AI CapEx Supercycle

For wealth professionals, the episode links private credit and BDC conditions to broader questions about bond and emerging-market diversification. It also frames how AI capex, energy reshoring and defense spending may test the market's ability to absorb issuance.

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Summary

By the private credit desk

PIMCO's Lotfi Karoui joins host Greg Hall to discuss direct lending and the structural themes shaping credit markets. The episode covers cyclical pressures on business development companies, questions around transparency and liquidity, the default cycle, and financial engineering. It also examines financing the AI capex supercycle alongside global energy reshoring and renewed defense spending, and revisits the 60/40 portfolio.

The discussion asks why the focus on direct lending may be overshadowing structural themes important to credit markets.
It covers cyclical pressures weighing on business development companies and whether transparency or liquidity may help.
It addresses the default cycle in credit and the return of financial engineers.
It examines financing the AI capex supercycle, global energy reshoring and renewed defense spending as tests of issuance absorption.

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