At the Milken Institute Global Conference, TCW chief executive Katie Koch's year-old warning of a direct-lending reckoning resurfaced after Jamie Dimon said more than one "cockroach" was lurking in credit markets.
The report says strains in direct lending are beginning to challenge leading private-credit firms, signalling that years of rapid growth and easy optimism in the asset class are waning.
The shift points to broader concerns over credit quality and potential losses across private markets as investors reassess risks in a sector that had been one of finance's hottest trades.
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