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Macro headlines may have shifted attention away from Private Markets, but the underlying risks remain. We revisit the Private Credit-Software cracks we flagged early and explain why, despite the noise, the structural story is just getting started.

  • How did we get here?
  • Is Software making or breaking Private Credit's diversification case?
  • Systemic risk or a normal credit cycle?
  • How are our 2024 calls on Distressed versus Buyouts playing out?
  • Where are the most overlooked opportunities across Private (and Public) Markets right now? 
Private Markets & Alternatives by Brian Payne
21 Apr 2026