Opening panel: European private credit's reset for 2026
Private credit is working through a repositioning driven by its heavy exposure to the software sector. Once considered the most stable and predictable sector, software has become a key test case as rapid AI-driven disruption prompts a reassessment of valuations and challenges the durability of traditional SaaS models and underwriting assumptions. As a result, allocators are scrutinising lenders’ portfolios more closely as credit risk is beginning to normalise across the market. Panellists will discuss:
- How is AI-driven disruption of software business models reshaping risk assessment in private credit portfolios?
- What signals should allocators be watching as credit risk normalises?
- Which sectors are emerging as more resilient opportunities in 2026? Where should lenders exercise the most caution?
- How will oil price increases and recent volatility impact private credit activity? How will investor sentiment fair?
Speakers
AI disruption and software risk: a specialist's view
AI risk beyond software: a generalist lender's perspective
The allocator's lens on AI and portfolio scrutiny
Navigating AI transition: revenue models, tech stacks and mission criticality
Credit-first underwriting in an AI-disrupted market
Resilient sectors and areas of caution for 2026
Evolving private credit structures: secondaries, ABF and hybrid capital
Macro volatility, oil prices and deal activity
Investor sentiment and the future of human judgement in private credit
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Stuart has over 20 years of experience in the European leverage buyout market. He began his career working in the leveraged finance team at UBS, and then spent 9 years in the European mezzanine and private debt group at Barings investing in European middle market credit. Prior to joining Ardian he worked at TSSP, TPG's credit platform, as a Director helping develop its European private debt business. He is based in the London office.
Education: University of Warwick
Vijay is based in our London office and has over 15 years of experience as a credit investor. He leads manager research for European private credit and helps steer the firm’s private credit efforts in Europe. He also performs due diligence on investment opportunities in credit, special situations, and distressed markets.
Prior to joining CA in 2022, Vijay spent most of his career in London with a few years in Mumbai and Hong Kong investing in the credit markets in the Asian region. During his career, he worked on credit teams at Citigroup, Post Advisory, Fidelity, and KKR, and has deployed over $5 billion across various types of credit—both public and private—and across credit cycles. He has also held several senior roles on credit committees, including overseeing restructuring situations across different jurisdictions. Previously, Vijay was a Partner at PwC, leading restructuring efforts in India where he managed one of the largest insolvencies in the country.
Vijay received his MBA from the London Business School, UK. He received his MS from Virginia Tech, USA and his Bachelor of Engineering from the University of Madras, India.
Ms. Moore joined Golub Capital in 2020 and is a Managing Director and Co-Head of Direct Lending Europe. She is responsible for overseeing all aspects of European transactions for the Firm. Prior to joining Golub Capital, Ms. Moore was a Managing Director in the Corporate Credit Group at Guggenheim Partners, where she led the direct lending origination business in Europe. Previously, she was the Head of Debt Finance in London for Barclays, where she was responsible for providing debt solutions for middle market corporations and sponsor-led transactions. Ms. Moore has also worked at Versatus Advisors, Nomura, West LB and Societe Generale. Ms. Moore earned her BA in Commerce from University College Dublin. She received an MSc in Finance from the Smurfit Graduate Business School at University College Dublin.
Robert is a Managing Director and Portfolio Manager for the Mid-Market Debt strategy. He is responsible for the selection, due diligence and structuring of new investments and the management of Pemberton’s existing mid-market portfolio.
Robert has over 20 years’ experience in credit markets and joins from Credit Suisse, where he was a Managing Director and Head of EMEA High Yield Syndicate. At Credit Suisse, Robert was responsible for structuring, underwriting, and syndicating new high yield bond and leveraged loan transactions for financial sponsor and corporate clients across the globe. Prior to that, he held various credit-focused roles at Deutsche Bank and Wachovia Securities.
Robert is a CFA Charterholder and holds an MBA from Columbia University, US.
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