Kieran Goodwin – Private Credit Concerns (EP.494)
Episode publishedPodcast: Capital Allocators – Inside th...Capital Allocators – Inside the Institutional Investment Industry
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I've looked throughout my career for asset liability mismatches, and I truly believe that asset liability mismatches cause liquidity crunches, and liquidity crunches can cause credit crunches. Credit is correlated when it gets stressed. The bear case, which I'm not saying it's going to happen, but what happens is you get redemptions, you get some real defaults, you get forced selling of private credit. And in the interval funds, you just run out of what's liquid and the bar to gate is really high. That goes on a feedback loop of where's the actual bid for private credit. It's hard to say.
I'm Ted Seides, and this is Capital Allocators. My guest on today's show is Kieran Goodwin, partner at Saba Capital, a $6,000,000,000 hedge fund manager that seeks to identify dislocations in credit and equity markets to generate convex returns in volatile times. Kieran has been one of the top credit traders on the street for the last three decades across roles in investment banks in the nineties and early two thousands, King Street, his own hedge fund, Panning Capital, and most recently, Saba that he joined in 2024. Our conversation covers a tour of Kieran's background, including early experi
what will happen in private credit,
how the private equity bottleneck will ease, what benchmarks should replace the S and P 500, or why so many people have reached out commenting on Eric's lack of interest in the show. But I do know that the answers await from our incredible guests, and you should encourage all your colleagues to listen in and find out that truth. Thanks so much for spreading the word. Capital Allocators is brought to you by AlphaSense. Expert calls have always been one of the most powerful ways to build conviction. But today, investors are asked to cover more companies and move faster with leaner teams. With Al
can do for you. Please enjoy
my conversation with Kieran Goodwin.
Kieran, thanks for doing this.
Happy to be here, Todd. Great to see you.
Why don't you take me back to what led you into finance in the first place?
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