Brendan Carroll is a Senior Partner at Victory Park Capital, which he co-founded in 2007. In this episode, we discussed the evolution of private credit investments, how they can be made more friendly to insurers and the acquisition of VPC by Janus Henderson Investors. Enjoy the show!
Overview of podcast with Brendan Carroll, Victory Park Capital
01:00 Getting started in investing, William Blair and others
03:00 Setting up the firm at the start of the global financial crisis and closed the first fund just before Lehman Brothers collapsed
06:00 Asset backed lending: how much we are willing to lend to a company is determined by the value of the collateral that is on their balance sheet
07:30 Insurance-friendly private capital strategies
09:00 Insurers are not only the largest LP type that we have, but they are also the fastest growing LP type
13:00 The industry has always been competitive. What changes is the type of competitors that are doing deals. When interest rates are low the larger firms are dipping down to do deals because they are searching for deals.
17:30 Private credit might not have gone through a cycle with large numbers of defaults, but there is historic data that allows you to look through the cycle and model that out
18:30 Every new drawdown request triggers a review of the business
28:00 The Janus Henderson acquisition
30:00 Developing ChatVPC for real-time information retrieval; we are not using AI to make investment decisions
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[i3] Insights is the official educational bulletin of the Investment Innovation Institute [i3]. It covers major trends and innovations in institutional investing, providing independent and thought-provoking content about pension funds, insurance companies and sovereign wealth funds across the globe. The [i3] podcast is available on Apple Podcast, Spotify, Amazon Music, YouTube Music, or your favourite podcast platform.