00:00We're in a moment that feels very pivotal for this market, and I think it's useful to just
00:04take a beat because in many ways, your career reflects the entire journey that this market
00:08has gone on. Heading up the investment bank at Goldman, spinning out HBS from JP Morgan,
00:14bringing that back under the fold of another company, BlackRock. Scott, how did we even get
00:19to this moment, though, where private credit became the behemoth, the headline grabber that
00:24it is today? Right. Well, good morning, and thank you for having us. And we're living in a moment
00:31right now where maybe one of the most significant events in the world for the last 50 years is
00:37happening while we're also talking about private credit. So it's a little bit hard to put that into
00:43perspective. But I think from my perspective, again, 40 years in finance, been all over the
00:51world with Goldman and JP. And, you know, the Western capital markets are going through a real
00:58change and evolution now as you've had sort of the post-financial crisis landscape really settle in.
01:06Banks have shrunk. You've got some big banks still very involved in the capital markets. You've got
01:11some big, some of the people that were on stage here over the last couple of days, you know,
01:18insurance companies and others. And then you've got some fiduciary firms like ourselves and BlackRock
01:23and Aries was on stage. You know, those firms are really bringing private pools of capital to grow
01:32companies. And with that, there's not enough bank capital in the world to grow the economy. And
01:38particularly as governments have leveraged themselves, there's really just not enough
01:42capital to grow the economy. And I think you're going to see that wave has been very big in the
01:47U.S.,
01:48very big in Europe, parts of Asia, Australia. I think that's going to continue over the next 30 to
01:5350 years. It's a good point because not only are governments very levered at the moment,
01:57there are these huge projects that they're undertaking, whether it be Europe wanting to be
02:01more self-reliant, be it the AI build out in the United States. Just how critical of a pillar has
02:07private credit, has private capital begun, become for these economies?
02:11I think that, you know, again, they're not with the capital expenditure that's going into both
02:17technology, AI, as well as the underlying infrastructure. You're not going to be able
02:24to do that without private pools of capital. And Delon, who you just spoke to, is one of the,
02:29you know, one of the smartest and most aggressive in that. And I think, you know, you've got to have
02:37people pull that together and help structure things in a way that optimize and make it efficient.
02:44You know, so you want to, you want equity in that. In order to attract foreign direct investment,
02:49you need the capital that comes alongside the equity to help, help that.
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