Why it's a "phenomenal time to be investing" in this asset class

Private credit has become one of the most talked-about asset classes in markets, but not always for the right reasons. Over the past year, investors have been bombarded with headlines about liquidity restrictions, redemption caps, gating, and Jamie Dimon's now-famous "cockroaches" remark. For some, those stories have raised legitimate questions about whether private credit's rapid growth has created risks lurking beneath the surface. Yet according to Pengana Credit Chief Executive Officer and Managing Director Nehemiah Richardson, much of the debate is focusing on the wrong issue. Rather than worrying about a systemic problem across the asset class, Richardson believes investors should be paying closer attention to the distinction between liquidity structures and underlying credit quality. In his view, many recent headlines say more about how certain investment vehicles operate than about the health of private credit itself. As he puts it: "Most private credit operators today - and the quality ones will tell you - it's actually a phenomenal time to be investing." In the interview above, Richardson argues that investors are focusing on the wrong risks. He explains why diversification matters, where global private credit differs from Australia, and why the asset class should be approached as a strategic allocation rather than a tactical trade. Please note that this interview was recorded Monday 18 May, 2026