Private Debt | Opportunistic credit in a ‘full-cycle’ environment: from stress to turnaround
Sep 10, 2026 — 03:50 pm - 4:20 PMSummit Room 1
As modern private credit faces its first meaningful credit cycle test, the underlying tectonic plates are starting to shift, opening up a new landscape of stressed/distressed opportunities to explore. This cohort of managers have raised over $100 billion in the last two years to capitalise on late-cycle volatility, training their sights on non-cyclical, asset-heavy sectors like power/energy transition, music royalties, and specialty finance. In the current market environment, PE sponsors are seeking out flexible, bespoke capital solutions to support their portcos, rather than sell at a discount. What are the key features of opportunistic credit that investors should be aware of, when diligencing managers? And how are these managers triaging stressed situations, work-outs, and control-position strategies to take full advantage of the forces at play today? As more capital chases the same dislocations, the critical question for LPs is how to distinguish the true opportunistic credit manager from the distressed tourist.