Private credit was built on specialization. Now, the largest players are getting bigger, broader and increasingly harder to categorize as lenders, investors, allocators and distributors converge across the private capital ecosystem. If everyone has scale, flexible capital, deep sponsor relationships and multiple ways to deploy, what makes one platform meaningfully different from another? This panel will examine whether the great rebundling is creating stronger investment platforms and better outcomes, or simply making true differentiation harder to see.

Moderator:

• Erica L. Frontiero, CEO, EF Advisors; Senior Advisor, LSTA

Panelists:

• Derek Fricke, Senior Managing Director and Head of Direct Investments, Junior Capital & Private Equity Solutions, Churchill
• Val Kritsberg, Senior Managing Director and Global Head of Capital Markets, Blackstone Credit and Insurance (BXCI)
• Marco Prono, Managing Director and Co-head of Direct Lending–Portfolio Management, J.P. Morgan
• Matthew Sparacino, Partner and Co-head of U.S. Direct Lending Underwriting, Apollo