This month, we’re stepping back to focus on what matters most for long-term investors. In private credit, outcomes are often driven by differences in approach—how capital is deployed, how portfolios are constructed and how risk is underwritten across cycles.

Energy shocks and geopolitical risk are driving volatility across markets, but uncertainty also creates opportunity. With sentiment and valuations showing signs of dislocation, we see scope to move cautiously beyond core positioning as fundamentals remain broadly constructive.

In this Q&A with Private Debt Investor, Michael Searles shares how capital solutions is evolving beyond traditional lending frameworks to support fundamentally strong companies with bespoke financing structures.

An era of narrow spreads and rising dispersion requires global flexibility, rigorous underwriting, unique origination and integrated insights across public and private debt.

Capital solutions has evolved far beyond its origins in distressed debt. Today, it functions as a form of “direct lending plus”—pairing tailored outcomes for borrowers with the potential for strong, cash-yielding returns for investors.

Scalable energy and power platforms are emerging as highly attractive opportunities. These assets combine the core characteristics institutional investors value with speed, flexibility and resilience needed to meet the demands of a rapidly evolving energy landscape.