Macro & Market Views

Quarterly Views from First Eagle Direct Lending Team: 1Q26

Quarterly Views from First Eagle Direct Lending Team: 1Q26

Navigating Private Credit’s Growing Pains

Michelle Handy, chief investment officer of direct lending at Napier Park Global Capital, explains why she believes that recent tensions in private credit reflect cyclical stress—not a structural breakdown in the asset class—and why these concerns reinforce the importance of manager selection, underwriting, diversification and understanding how vehicle structures impact liquidity.