As private credit continues to attract institutional capital, investors are increasingly debating where risks may be building across the market — particularly between corporate direct lending and commercial real estate credit. In an exclusive interview, John Atwater, co-founder and managing partner at Prime Finance, shares why some market participants may be conflating the risks of corporate private credit with asset-backed commercial real estate lending, despite the sectors being driven by different fundamentals, collateral structures and market dynamics. Atwater examines where each market sits in the current cycle, why commercial real estate debt may now benefit from reset valuations and conservative leverage, and where lenders are finding opportunity as traditional banks pull back from the market.
Private credit has come under increasing scrutiny lately. Where do you think investors are misreading the risk, particularly when it comes to commercial real estate l
