Private credit outlook: understanding market dynamics
Private credit outlook: understanding market dynamics

Matthew Michelini is Partner, Head of Asia-Pacific and Co-Head of Hybrid Value at Apollo and a member of the Firm’s Management Committee. Matt joined Apollo in 2006 in Private Equity and has played a pivotal role in the creation and success of many of Apollo’s largest growth initiatives, including Athene, Hybrid Value, Apollo Dedicated Insurance Program, Natural Resources, and the development of the Financials Group. Matt serves on the board of directors of Athene Holding Ltd. and Venerable Holdings, and previously served on the boards of Aleris Corporation, Metals USA, Noranda Aluminum, One Main Financial, and Warrior Met Coal. Previously, Matt was a member of the Mergers & Acquisitions group at Lazard Frères & Co.
A graduate of Princeton University, Matt holds a BA in Mathematics and Certificate in Finance, and received his MBA from Columbia University.

Mr. Ferrier is a Managing Partner of Navis Private Credit.
Mr. Ferrier has more than 30 years of experience, which includes more than 20 years as a credit investor, portfolio manager and business leader.
Previously he was a Managing Director at BlackRock where he played a pivotal role in building BlackRock’s Asian-Pacific Private Credit business, growing AUM to $700m and developing a successful regional strategy focusing on Southeast Asia and Australia.
Prior to BlackRock, he was the Founder and Chief Executive Officer of Myo Capital. The fund delivered 14% gross returns. Prior to Myo Capital he was a Director / Investment Committee Member with ADM Capital and a Corporate Finance Executive with Peregrine Capital and SG Warburg Group.
Mr. Ferrier holds an MBA, majoring in Finance and Accounting from Monash University and a Bachelor in Science from the University of South Australia.

Andy Luten is the Head of Credit Commercial Strategy for Software Solutions in APAC at S&P Global Market Intelligence. With over 15 years of experience in corporate lending and working with S&P Global's Wall Street office platform, he has provided support for various deals ranging from syndicated deals in North America to bilateral deals in Asia. Throughout his career, Andy has worked in diverse roles, such as leading Professional Services and managing strategic relationships globally, and has collaborated with customers worldwide. His current focus is to lead the way in supporting the growing APAC market as private credit gains momentum. Originally from Texas, Andy is excited about partnering with individuals and communities in the APAC region to drive the industry forward.

Celia Yan, Managing Director, is the Head of APAC Private Credit within BlackRock Portfolio Management Group, and is the Lead Portfolio Manager of BlackRock’s APAC Private Credit funds and Chair of the Investment Committee. She is responsible for leading the platform, originating and executing investment opportunities, managing the investment process, and maintaining relationships with key deal sources and intermediaries across APAC. Celia serves on BlackRock's Global Private Debt Executive Committee and APAC Operating Committee (APOP).
Prior to joining BlackRock in 2020, Celia was the Head of Greater China with ADM Capital where she joined in 2011. As a senior private credit investor, she led the overall investment strategy and specialized in sourcing and executing private credit investments with Chinese angles, including inbound deals to mainland China and outbound deals across Asia and globally. Prior to that, Celia worked for National Australia Bank in Melbourne, where she advised on investment, performance and risk analysis solutions. Celia has a Bachelor of Commerce from The University of Melbourne (Australia), and a Master of Applied Econometrics from Monash University (Australia).

Gregory Robbins is Vice Chair of Golub Capital, a market-leading, award-winning direct lender and experienced credit asset manager. As of January 1, 2024, Golub Capital had over $65 billion of capital under management, a gross measure of invested capital including leverage. Golub Capital partners with institutional investors and family offices, offering tailored solutions for investors’ credit asset strategies. The Firm specializes in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Golub Capital has been a top 3 U.S. Middle Market Bookrunner each year from 2008 through Q4 2023 for senior secured loans of up to $500 million for leveraged buyouts. Golub Capital has been consistently recognized with industry awards, including Lender of the Decade, Americas (Private Debt Investor, 2023), Senior Lender of the Decade, Americas (Private Debt Investor, 2023), Lender of the Year, Americas (Private Debt Investor, 2014, 2015, 2016, 2018, 2021, 2022, 2023), Senior Lender of the Year, Americas (Private Debt Investor, 2015, 2016, 2017, 2019, 2020, 2023) and BDC Manager of the Year, Americas (Private Debt Investor, 2015, 2016, 2017, 2023).
Mr. Robbins joined Golub Capital in 2004 and is Vice Chair of the Firm. He is also an officer of Golub Capital BDC, Inc. (NASDAQ: GBDC) and a member of the board of the Loan Syndications and Trading Association. Mr. Robbins serves on Golub Capital’s Leadership and Operating Committees and has held several other senior positions during his time at the Firm. Prior to joining Golub Capital, Mr. Robbins was a Vice President in the Merchant Banking Group at Indosuez Capital.
Mr. Robbins earned a BS degree in Economics, with a Finance concentration, from the Wharton School of the University of Pennsylvania.

Ping is Co-Head of Aksia Hong Kong Office and has over 19 years of research, sales, trading and advisory experience in Asia. She is responsible for alternative investment programs in Greater China and conducting investment due diligence on Asia-based fund managers. Ping also works with Aksia’s global offices to provide updates and information related to the managers and strategies in the region.
Prior to joining Aksia in 2011, Ping worked at Nomura International Hong Kong Limited as a Foreign Exchange salesperson covering institutional clients in China. She started her career in 2003 when she joined the fixed income index research team in Lehman Brothers’ Tokyo office. She also worked at Lehman’s Hong Kong office covering Asia ex-Japan institutional investors from 2004 to 2008.
Ping graduated from Fudan University in Shanghai with both a BS and an MSc in Statistics. She is a CFA charterholder and a member of the Hong Kong CFA Association.






As banks continue to pull back globally, what does the spectrum of opportunities look like for private credit markets? While rising interest rates have served the asset class well given that most loans are floating rates, how will it impact the cost of debt service in the long run? Compared to Europe and US, how is the Asia credit space evolving and what are its nuances and subtilties?