11
Nov
Private Credit: The 3 trillion-dollar question
The private credit market is forecasted to reach $3 trillion globally by 2028 and has become a core component of capital markets. It is now facing its first meaningful stress test with higher rates, tighter liquidity, redemption pressure, and increased scrutiny around transparency. The rapid buildout of AI infrastructure, particularly data centres, is driving significant capital demand, and increasing reliance on private capital for funding. This discussion examines where the model holds and the next wave of opportunities.
- How is the market transitioning amid higher rates, tighter liquidity, and macro uncertainty?
- Where are early signs of stress emerging across private credit portfolios?
- How has underwriting discipline evolved in response to market volatility?
- How is the buildout of AI infrastructure and data centres being financed?
- As India and Australia become more challenging, where will private credit funds invest in Asia?
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SpeakersKathleen Aka Partner Weil, Gotshal & Manges
Weizhong Yun Senior Portfolio Manager Allianz Global Investors
Gabriel Fong Partner and Co-Head of Asia Special Situations Ares
Andrew Schantz Partner Bain Capital
Srinivasulu Yanamandra Managing Director Elham Credit Partners
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Kathleen Aka leads Weil’s Asia Restructuring practice. Based in Hong Kong, she has over 20 years of experience advising both debtors and creditors in relation to contentious and non-contentious restructuring and insolvency matters in the Asia-Pacific region. Qualified in Hong Kong, New South Wales, Australia, and England and Wales, Kathleen is skilled in guiding clients through the most challenging and complex processes of financial restructuring, creditor enforcement, formal insolvency, insolvency litigation, distressed M&A, and distressed secondary debt trading.
Kathleen’s diverse experience and comprehensive skillset straddling both contentious and non-contentious work earn her recognition as one of the top restructuring lawyers in Asia. She is ranked by Chambers Greater China Region for Restructuring & Insolvency, recognized as a Next Generation Partner by Legal 500 Asia Pacific, and named a Highly Regarded lawyer by IFLR1000 Asia Pacific. Kathleen has also been recognized as a “Growth Driver” in China Business Law Journal’s A-List in consecutive editions (2023-2024, 2024-2025 & 2025-2026 editions), was named an “Asia Future Leader” by IFLR in 2021, and was selected as one of the “40 Under 40” honorees by Asian Legal Business in 2019.
Kathleen has a reputation for her unique capability in advising a wide range of clients across the full gamut of distressed situations, including bondholders, credit and distressed investment funds, banks, insolvency practitioners, shareholders, and distressed corporations. Her industry experience covers banking and financial services, insurance and reinsurance, health, infrastructure, energy, mining and agriculture, shipping and transportation, retail, and property.
Weizhong Yun is a Senior Portfolio Manager, Asia Private Credit, Private Markets with Allianz Global Investors based in Singapore. He joined the firm in 2018 and has over 18 years of experience in investment management and origination.
Before joining AllianzGI, Weizhong was a Director on the Private Equity team for Abraaj in Southeast Asia, focusing on origination, transaction execution and portfolio management across consumer, education, healthcare and logistics sectors in Southeast Asia. He was also responsible for driving coverage efforts for Abraaj in Indonesia and the Philippines.
Prior to joining Abraaj, Weizhong worked in the Investment Banking groups at Merrill Lynch and HSBC where he was involved in M&A and capital markets transactions across Southeast Asia in real estate, financial services, FMCG, telecom and resources sectors.
Weizhong graduated Magna Cum Laude with double Bachelor degrees in Accountancy and Business Management (Finance).
Mr. Fong is a Partner and Co-Head of Asia Special Situations in the Ares Credit Group. He is a member of the Ares Credit Asia Special Situations, Asia Direct Lending (ADL), and Ares Credit Asia Pacific (ACAP) Investment Committees. Prior to joining Ares in 2026, Mr. Fong was a Managing Director and Head of Special Opportunities Group at CapitaLand Investment, where he oversaw special situation investment activities and strategy. Previously, he was a Co-Founder of VAW Capital, a pan-Asian real estate private equity fund. In addition, Mr. Fong was a Managing Director, Head of Special Investments at Och-Ziff Capital, where he oversaw special situation and private investments in Asia. Mr. Fong holds a B.A. and an M.A. from Cambridge University, UK, in Economics.
Andrew Schantz joined Bain Capital in 2023. He is a Partner on the Credit team.
Prior to joining Bain Capital, Andrew was a Managing Director with CPP Investment’s APAC Credit team and an Executive Director with Tor Investment Management. He began his career with Citi’s Special Situations and Credit Portfolio teams in New York.Andrew received an MS from Boston College, a BS from Florida State University, and is a CFA Charterholder.
Mr. Yanamandra is a Managing Director at Elham Credit Partners. He has over 19 years of experience in the Asia Pacific credit markets. He has worked across key APAC markets including India, Australia, Greater China and Southeast Asia. Prior to joining Elham Credit Partners, he was Head of Loans and Leveraged Finance at Barclays for North Asia and was responsible for Structured Finance efforts for Barclays across Asia ex-India. Over his career, Mr. Yanamandra set up and grew multiple businesses across various credit strategies with transactions across the risk spectrum including corporate lending, leveraged financing, pre-IPO financing, margin loans, NAV facilities, Holdco and mezzanine financing and special situations financing. Mr. Yanamandra holds a B.Tech in Electrical Engineering from Indian Institute of Technology, Delhi and a Diploma in Management from the Indian Institute of Management, Ahmedabad.