Episode Details

As private credit enters a more demanding phase, Rick Miller, Group Managing Director and Chief Investment Officer of the TCW Private Credit Group, discusses how middle market lending has evolved and why underwriting discipline, portfolio management, and principal preservation are becoming increasingly important.   The conversation also covers concentration risk, software exposure, sponsor-backed lending, and the importance of manager selection. Rick explains how TCW approaches senior secured lending, manages underperforming credits, and structures private credit solutions around the needs of insurance company investors.