Thierry de Vergnes

As credit markets evolve, allocators are weighing when to lean into private direct lending versus public high-yield markets. Each offers distinct advantages: direct lending provides access to illiquidity premia and stable income, while high yield offers greater liquidity and tactical flexibility.

This session will explore how CIOs and portfolio managers tilt allocations between these two strategies, how they evaluate the trade-offs in today’s macro environment, and which factors ultimately guide portfolio construction across the public–private divide.