Private Credit at a Crossroads: Liquidity, Asset-Backed Finance, and Being Prepared for Stress

Original Publish Date: June 25, 2026 Welcome back to the Alt Goes Mainstream podcast. We were live from AGM’s RIA Field Trip at Brookfield’s New York office at Brookfield Place with Oaktree Managing Director and Co-Portfolio Manager Danielle Poli to unpack why private credit is at a crossroads and why dispersion is growing. Danielle has a unique perch to form a developed view on the current state of private credit. She sits at the intersection of public and private credit, providing her with perspectives on where opportunities and risks lie across the liquidity spectrum. Danielle is a founding member of Oaktree’s Global Credit strategy and its Investment Committee, which was established in 2017. She’s been an important contributor to its growth into a scaled multi-asset credit platform. She previously led Oaktree’s product specialist group, which she helped build into a global team supporting credit, private equity, and real estate. She joined Oaktree in 201 and has nearly two decades of experience in private markets. She has been named to Barron’s list of the 100 Most Influential Women in U.S. Finance. Danielle and I had a fascinating conversation about the current state of private credit, where cracks might be emerging and where to find pockets of opportunity amid the dislocations. We covered: Why boring is beautiful. Why it’s important to have a contrarian mindset. Where, why, and how dispersion is rising in credit. How to underwrite software investments post-AI. Why asset-backed finance can be a diversifier. Why now could be the time to prepare for opportunistic and rescue lending opportunities, as maturities are fast approaching. How to balance public and private credit investing. Thanks, Danielle, for sharing your wisdom, expertise, and passion about private credit. Please Subscribe: YouTube Videos and Shorts: / @altgoesmainstreamagm (https://shorturl.at/QxOq9) Subscribe to Alt Goes Mainstream: https://altgoesmainstream.substack.com/ Apple Podcast: https://podcasts.apple.com/us/podcast... Follow Michael on LinkedIn: / michaelsidgmore #AltGoesMainstream #michaelsidgmore #alternativeinvestments #finance #wealthmanagement #privatemarkets #ria #marketing #podcasts #funds #portfolio #privateequity #financialmarkets #familyoffice #assetmanagement #privateequity #financialeducation #wealthbuilding #ai #investmentplatform #wealthtech #financialadvisor #shorts #privatecredit #howardmarks #oaktree ================== Chapters: 00:00 Introduction and sponsor message from Ultimus Fund Solutions 01:52 State of private credit: from gold rush to bifurcation and dispersion 03:35 Background and convergence of liquid and illiquid credit markets 05:25 Risk/return tradeoffs between liquid and private credit today 06:21 Asset-backed finance as an uncorrelated, diversifying opportunity 09:49 Software sector stress and AI disruption in private credit portfolios 13:34 Underwriting AI risk and a look inside Oaktree's investment committee 18:52 PIK interest, extend-and-pretend, and hidden stress beneath the surface 23:05 Oaktree's contrarian approach and the current macro environment 27:12 Credit vs. equity allocation and the "boring is beautiful" investment philosophy